Swiss Franc Technical Outlook

Published July 29th, 2008 - 06:39 GMT
Al Bawaba
Al Bawaba

The USDCHF has broken above a channel that had held since early May. 



Under the preferred count, the 3 wave rally from .9647 was wave W in a complex correction.  The choppy decline from above 1.06 serves as wave X and wave Y is underway now.  Expect the advance to reach 1.10 (former 4th wave and wave Y = wave W at 1.0986).