Frank is in correctional wave 4 up, going in advance of all major
currencies against US dollar. We have counted first move up as five waves,
it means, that move up will continue after some pullback and its form is
zigzag [a]--[c]. Current rise may be just a part of wave 4 or the whole
wave 4 - it does not matter, dollar will rise anyway.
Current situation looks reliable enough to BUY US dollar against frank at
the current price and hold this BUY all next wave [c] up. Close this BUY
at the end of wave [c]. We prefer to not set stop loss and to not buy
much. Track our USD/CHF short term view to close your BUY position.
Three waves up - correction [a]--[c], wave [c] is mature.
Probably, correction [a]--[c] on frank tries to reach its usual target -
to reach the triangle's start. This [a]--[c] move is near its end. And,
probably, the whole wave 4 on USD/CHF is a flat surface and we see its
first move.
Frank's correction unfolds as [a]--[c] sequence, we wait for the
fourth and the fifth waves in wave [c]. Any rise above wave (iii) top
in wave [c] and we close our BUY, which we have opened at the end
of wave . Wave 4 on frank may be a flat surface.
Five waves up and some correction as wave . We suppose a triangular
form of wave . Move up needs a continuation in wave [c] and we still
keep our BUY. BUY on USD/CHF has a positive swap, so it is easy to keep
a long term position.