USDCHF: Trends on the daily charts of the US Dollar-Swiss Franc currency pair are down, but we also have a potential wedge breakout trade to the upside to consider:
TRADE 1 BREAKOUT Up = Buy USDCHF at .9230 stop to open, use .9140 stop loss, move stop to break even once price goes up to .9260, price target 1 = .9295, price target 2= .9420.
TRADE 2 SELL RETRACEMENT RALLY = Sell USDCHF at .9140 stop to open, use a stop loss of .92, move the stop to break even when the price drops to .9110, price target 1 = .9050, price target 2 = .82.
See the daily and weekly chart analysis for Dollar-Swiss below:
Stock Market Analysis
S&P500: The US stock market index fell perfectly as suggested and guided by both the manual and computer generated forecasts, Andrews lines and trend channels. Look for a 1-2 day bounce, then a 5 wave low to complete wave (1) down, followed then by a 8-13 day rally, before a potential larger move to the downside. Larger wave count on the stock indexes still unclear, with the possibility of a small market crash into mid may. However, the wave patterns off the October 2011 lows still hold the possibility of one more high before a crash unfolds. We will keep you posted.
So look for small bounce, one more low, then a bit bigger rally before a bigger move down is likely, or the one additional rally high, then a crash. See the daily S&P chart below for forecast and visual clues.
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