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USDCHF is in a big pullback since end of 2015 that we see it as a corrective and temporary decline. Notice that falling price action is overlapping which is evidence of a contra-trend movement so we suspect that downtrend is limited, especially after we identified an ending diagonal in wave C-circled, final leg of a big wave IV that is showing evidence of a low in place following recent bounce from 0.9440 area. Ideally market is now at early stages of a new bullish cycle; three waves up for wave V.

USDCHF, Daily

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