The dollar decline looks extended in both the USDCHF and USDCAD. Both triggered buy signals in my proprietary indicators last night and both have mature wave counts on a short term basis. I see a wave iv unraveling in a Flat Correction with wave ((c)) in full force now which here which should push the pair up to the between the 23% and 38% Fibonacci retracement levels, and also to the area of the prior 4th wave as well between 1.3036-1.3106. Stop loss would be at the wave iii low at 1.2922. Here is my trade:
Long now at 1.2965 (correction made - note chart price level)
Stop loss at 1.2920
Profit Target at 1.3065
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.