USDCHF – Final leg of a wave 3 targets 0.9900/1.000
USDCHF has been in larger corrective uptrend since August’11 and it could test the 1.000/1.0700 resistance on multimonth basis (watch for strong 2005 monthly resistance line). The pair had completed a wave (A) at 0.9600 (Jan’12 high) and the following wave (B) was completed at 0.8930 (Feb’12 low). The current wave (C) uptrend could aim for 1.05 and above. The 0.9465/0.9420 support is critical for the uptrend followed by 0.9335.
A potential wave [v] rally has kicked off from 0.9420. The uptrend could aim for 0.9900/1.000 resistance or higher. The 0.9670/0.9630 support needs to hold on weakness to maintain the uptrend. A close below would refocus on 0.9465/0.9420 initially. Near term longs may be attempted on weakness.