Usd/Chf: Corrective Wave
4 Hour Chart trend: Short. Main price points: 1.1021. Looking for: Wave ii
Usd/Chf did not make the corrective pull-back in a blue wave ii, so we made some small changes on the wave count. We are still looking for the three waves of retracement in wave ii, as wave i looks to be trading near the lows right now. We can easily count five sub-waves down in a blue wave i leg, which suggests three waves of retracement in the near-term. Traders who are looking for short dollar plays should pay attention to the 50-61.8% Fibonacci retracement area, where a wave ii should find the highs, before wave iii gets on the way. The 1.1021 top must not be broken for this to technically follow through.
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