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USD/CHF Spikes Down To 1.1230

USD/CHF Spikes Down To 1.1230

USD/CHF spiked down to 1.1230, which we see as wave 4 as price action looks corrective. That said, a new high is probably coming in the next few sessions to complete an ending diagonal at higher levels. Ideally we are going to see wave 5 now that can reach 1.0215, where we should pay attention to a bearish reversal sign. If we get a 5-wave drop from the high, then we may even consider short entries later this week.

USD/CHF, 1H

USD/CHF H1 Chart

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