USDCHF Short-term Elliott Wave Analysis 12.29.2014

USDCHF preferred Elliott Wave view remains bullish and suggests wave “W” ended at 0.9887 and wave “X” is also proposed to be over at 0.9796. Pair has made a new high above 0.9887 adding more conviction to this view and 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.

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