USDCHF--Monday, June 21, 2010
A quick look at an 8 hour chart shows we have bounced off an impulsive "price pulse" target on the downside. This follows the completion of a higher order upside move shown in a post last Thursday.
Although we are bouncing here, this pattern could very well continue to develop. If so the next target on the downside would be right below 1.06.
Late Afternoon Update
An hourly chart to show how USDCHF has climbed internal Fibonacci levels since bouncing off the 2.618 target of the pattern shown above. It has come back about 50% of the distance between the 1.618 and 2.618 targets. The next internal level up, 61.8%, might be a decent level to attempt to get back in on the short side. Roughly around 1.1160.