6 May 2015
USD/CHF in final stages of a bearish phase? – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, notes that technicals suggests USD/CHF might see a surprise reversal in price to the upside.
Key Quotes
“USDCHF fell to a new low last week, beneath 0.9400 level and extended to 161.8% Fibonacci zone. We have seen a break out of a bearish triangle in wave B), so pair can be in final leg down of a big contra-trend move.”
“That said, a reversal in price to the upside should not be a surprise in days ahead, but for now we do not see any low in place yet, so we need to keep in mind potential sell-off to our second support near 0.9200.”
“Divergence on the RSI also suggest that pair is in a final stages of a bearish trend.”
Key Quotes
“USDCHF fell to a new low last week, beneath 0.9400 level and extended to 161.8% Fibonacci zone. We have seen a break out of a bearish triangle in wave B), so pair can be in final leg down of a big contra-trend move.”
“That said, a reversal in price to the upside should not be a surprise in days ahead, but for now we do not see any low in place yet, so we need to keep in mind potential sell-off to our second support near 0.9200.”
“Divergence on the RSI also suggest that pair is in a final stages of a bearish trend.”