Nov. 12th – USDCHF

Today I am moving to the 4H chart. I have labeled the move from (1) as a ABC in progress, working on C. So far, C has reached the 50% level that also falls together with the 4 of a lesser degree, so C might already be in place, but at this point we do not have any proof to that point. Technicals are moving into the overbought area indicating that a reversal might be near and prices are also finding resistance around the 40-Daily Moving Average as shown on the chart. For now, we have to wait for the reversal and see proof that indeed the trend resumed as we are expecting. An impulsive move down and 8 wave structure would give us the opportunity to look for options to join this pair and look for entries.