Here is a quick update on USDCHF video that we did on December 26 2014. Pair found buyers at 50 fib of (w) as expected. Near-term focus is on 0.9928 – 0.9949 area to complete wave (( w )) before we get a pull back in wave (( x )) and higher again. We don’t like selling the pair and expect (( x )) wave pull back to find buyers in 3, 7 or 11 swings as far as pivot at 0.9796 low remains intact. If the pivot at 0.9796 low gives up that would suggest pair is correcting the entire cycle from 0.9552 low and would still be a buy in 7 or 11 swings as far as pivot at 0.9552 low keeps on holding in our system. As there is no red arrow on the chart so we don’t like selling the pair in any of the proposed pull backs.
USDCHF preferred Elliott Wave view remains bullish and we like to keep buying dips in 3, 7 or 11 swings in two degree. As per more aggressive view, we have the connector X completed at 0.9796 and like buying dips against this low in the first degree. If this level breaks, that won’t change our bullish outlook in the pair and we would still be looking to buy the dips in 7 or 11 swings as far as pivot at 0.9552 low remained intact in our system. As there is a green arrow on the chart so we don’t like selling the pair.Back