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USDCHF: Sideways Within Uptrend; Be Aware Of a Break Higher

Sameer Kapoor 22 May 2013

The USD/CHF has been slow, choppy and sideways over the last few days. This is indication of the character of a corrective price action. We think that the USD/CHF is trapped in a wave four position, which could be forming a triangle in 0.9580-0.9760 range. If that's the case, then the pair will stay sideways another day or two and then break sharply higher, into wave 5) that could lift the pair to 0.9830/0.9860 region based on our Fibonacci projected levels.

Forex Analysis by Gregor Horvat at ForexPros. com