Wave analysis of the USD/CHF for January 29, 2010

Yesterday, the USD/CHF currency pair extended further and worked out the estimated target level nearly mark of 1.0535. At the end of the day, the inside wave picture of the fifth leg in the fifth wave looked like fully completed, suggesting an approaching price reversal to the Swiss currency gain. MACD strong divergence also signals about it. But, as in the case of the euro, considering the overall situation at markets, the Swiss franc can give surprises concerning next continuation formation in the fifth wave.

analyst: A. Dneprovskiy