EURCHF; 5-Wave Elliott Wave Structure and the Magical 1.2 Level

All is clear. On 15.1.2015, the notorious Swiss National Bank (SNB), abandoned the its 4 year tradition of defending the 1.2 level and caused a chaos in FX markets with great consequences.

Now and after more than 3 years, the bulls have propelled prices up to this magical level and the Elliott Wave structure also calls for ending of a prolonged move.

Also note that according to CFTC, speculators are extremely bullish on EURO and extremely bearish on Frank.

Thus I expect lower prices ahead.

Good luck,

Ali Sharifazadeh, CFTe