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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USDCHF held 0.9447 – 0.9429 inflection area as expected & has shown a strong reaction higher. Traders long from inflection area should already be in a risk free position. New high above 0.9560 would make it 5 swings up from 0.9356 low moving invalidation higher to 0.9438. Ideal area for 5th swing to end is 0.9562 – 0.9591 from where pair is expected to pull back in wave ( b) and make another push higher toward 0.9639 – 0.9686 to end 7 swings up from 0.9356 low. We don’t like selling the pair & like staying long for above area. Wave ( b) pull back will offer next short-term opportunity for buyers provided pivot at 0.9438 low remains intact. We always try our best to teach members how the markets operates and the best way to trade without stress which is not following the news but following the cycles, pivots and invalidation levels.