USD/CHF IS BOUNCING INBETWEEN TO TWO TREND LINE. THIS BULLISH PENNANT FORMATION SHOULD ALLOW FOR USD TO BREAK UP TO THE UPSIDE. ONCE RESISTANCE TREND LINE IS BROKEN WE COULD SEE A RETEST OF IT, BEFORE BULLS LOOK TO FURTHER PUSH USD/CHF TO MONTHLY RESISTANCE.
WAVE 3 LOOKS LIKE ITS ABOUT TO END AS IT HAS OCCURRED MONTHLY RESISTANCE, COULD SEE WAVE 4 FORM THE PULL BACK TO 38% OR 50% FIB OF WAVE 3. IF THAT DOESN'T HOLD THEN WEEKLY SUPPORT IN RED SHOULD PROVIDE A SOLID BASIS.
