FX.co ★ USD/CHF wave analysis for May 6, 2011

In general, as expected, during yesterday’s trading the USD/CHF started to roll back to the upside after another attempt to test the 0.8560 level. As a result of such upside movement the price managed to bounce off the day’s lows by 1.5 figures. In the meantime, the whole five-wave structure formed after April 1 looks quite complete. If so, yesterday’s growth of the dollar price might be the beginning of the 1st wave (or A) of a more continuous and deep correction.