USDCHF is reversing after it reached a new high recently around 1.0300 which was our upward projected level from a few months back. A decline from recent high is sharp and impulsive, so we could be considering it as end of a bull- market. However, we always try to label the wave count in the direction of a trend, so as long as 0.9470 support holds trend is up. That said, a current bearish turn can be just another corrective move; ideally wave IV as part of an ending diagonal in wave C). We also need to consider that EURUSD did not break to a new low of 2015 yet, which we think it will happen in months ahead. So if EURUSD will stay bearish than USDCHF will continue higher. Same should happen with USD Index.
USDCHF, Daily
