Swiss Franc Technical Outlook

The USDCHF has broken below its support line drawn off of the July and September lows. Bigger picture, “although the rally from March low at .9634 is not the clearest 5 wave rally, the rally is in 5 waves and real life Elliott patterns are not always crystal clear, especially in their early stages.

I mention early stages because the USDCHF rally from .9634 could be the first bull leg in a longer term uptrend. Even so, weakness would likely persist for the next several months in a path somewhat like the path I have mapped out.”

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