I look for losses to develop more strongly now, potentially to the 0.9450 area
Resistance: 0.9658-66 0.9682-90 0.9707 0.9720
Support: 0.9628 0.9597 0.9577 0.9545-55
MAIN ANALYSIS: Thursday saw an irregular correction that recycled back to 0.9708. At this point it extended losses into the advised 0.9562-94 area from where we had seen the correction. It looks potentially complete, but we'll need to allow for a little more to 0.9666-90 (at a real extreme 0.9720 but I think this would be pushing the EUR/USD a bit too far.) Overall at this point we should be looking for signs of the downtrend resuming back to 0.9597 and then breaking below Thursday's 0.9577 low to extend more firmly lower to 0.9520-45 minimum, but I feel more likely towards 0.9435-50. Once below 0.9520 we should be looking for bullish reversal indications for a correction higher.
COUNTER ANALYSIS: Only above 0.9720 and 0.9747 would surprise and suggest extension to 0.9769 projection at least. I feel it could go further, noting the 0.9800-10 area. Note the 0.9860-75 area.
MEDIUM TERM ANALYSIS:
May 17: We seem to have seen the base structure for the rest to follow. Right now we have to confirm the corrective high in the current pullback to be able to identify the next target that should reach the 0.9435-70 area.
Only a break above 0.9747 and 0.9860-75 will risk a retest of the 0.9971 high.
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Daily Forecast For USD/CHF
Published 05/17/2013, 05:12 AM
Updated 07/09/2023, 06:31 AM
Daily Forecast For USD/CHF
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