Usd/Chf Down to 0.83
May 29 2011
Usd/Chf reversed sharply on the downside at the end of a trading week, as pair was unable to gain above the falling channel resistance line. As such, bears are back and fully in progress, now targeting 0.8300 region.
You may notice that we are looking at the line chart, which shows more clarity and no overlap between waves (1) and (4). So, if we are correct, then final leg, wave (5) of wave III is now in process which may slow down somewhere around the support channel line. If this trend line is broken powerfully with daily close well below it, then losses will likely extend even below 0.8! ALT count prepared for that scenario!
It should be fun next week monitoring an intra-day sub-structure in this bear market!
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