USD/CHF moved strongly from 2009 November low at 0.9912 up to now. It moves around 900 pip in two and half months. Will this uptrend continue ? Or CHF will make a correction?
It is really hard question. CHF looks very strong: it makes new MACD high on daily Chart, second leg is longer than first leg. CHF reached upper channel line and penetrates it. Talking in Elliot Wave terms question is: is all this uptrending pattern Impulse or just Zigzag ?
If Impulse, uptrend will continue. In this case we are in Wave 3 and Wave 3 usually reaches at least 162 % of Wave 1. In this case CHF should reach at least 1.1070
If Wave 3 is forming now, CHF should move strongly up throught higher uptrend channel line.
However In case of Zigzag higher uptrend line should hold.