Wave Analysis
As anticipated, the pair traded short and is still bearish on the daily chart. Although there maybe minor pullbacks towards $1.1004, we expect further bearish wave count towards $1.0822 or even lower to $1.0701. The current downward rally is the continuation of the impulsive wave (c) with the first target along the red supportive line, $1.0822. Expect an exact opposite wave count in USD/CHF and USD/JPY, these pairs had a strong negative correlation of up to -92% during the previous trading day and will continue moving in opposite direction during this intraday.
Trade Recommendations:
Remain short with an ideal target at 1.0822. Buy positions are only recommended above 1.1055 with the first target at $1.1146
Origin: FreshForex
