I sold USDCHF from 9980. USDCHF correlates well with GOLD since Switzerland has 25% of it's reserves made up of Gold. If Gold is down in value, USDCHF will go up. Since Gold has bounced from the 1260 area and I think it will come back up, I see USDCHF heading down to 98.
GBPCHF could be forming a flat corrective pattern.
It has made the (3-3)-5 structure so far and has made the first wave of the 5 wave structure.
If the 5 waves are made it would confirm the flat.
The fist wave has been coupled with a correction which I expect to terminate at the 61.8% retracement.
Following a break of this short term trendline it would confirm...
ChfJpy Daily chart - I see price trading in a bullish wedge/flag consolidation pattern on daily chart but the main trend is bullish so I am anticipating a break out and a bullish impulsive move on this pair over the coming weeks.
1.1550, a key level that the pair has been dancing either side of since august. A break in it could prove fatal or present an opportunity to get in with the bulls at 1.1500 . Confidence appears high, but new highs were recently made so we may not see it surpass the blue trend line without a substantial correction to the downside.
OBSERVATION: After hitting monthly resistance price fell to daily support which confluences with the ascending trendline that has been acting as support since June. A break below could see price drop to 0.74400s then 0.73400s while a bounce will see prices rise back to resistance.
EURCHF had a fake upwards breakout and completed a reverse pattern at such a significant level. The possibility of price dropping is high, but it may not be that easy as last few candles are quite strong. Keep watching this pair for short opportunities in the coming week.