As we had expected, the Euro-Swiss Franc kept rising and ended at about the same level as the previous week open (1.2950/60) reaching the weekly middle line of the Bollinger bands and closing on Friday above the confluence of the daily SMA34 and SMA100. It has since continued on its bullish move and attained our target at 1.3030 yesterday, ending on a doji/pin bar just below the daily SMA200, which will have to be confirmed today to signal a correction. I would expect this to reach and retest the recently broken 1.2880 level before further continuation to the upside and previous highs near round number 1.3200.
The pair pulled back up as expected three pips short of our target at 1.4825, reaching 1.4822 earlier last week, and has since been ranging between this level and 1.4630, making a new high yesterday but contained by a strong resistance at 1.4875. We maintain our previous bullish targets aiming at round number 1.5000 and above, if this level is broken.
The Swissie didn’t resume the fall before rising but instead started slowly to follow the direction signaled by the weekly Wolfe Wave. As noted in former analysis, I would expect a steady continuation of the bullish sentiment towards parity and above, and on a shorter term scope a rise towards daily SMA200, weekly SMA34 and previous highs at around 0.9770/80 along the following days, after a break of the 0.9260/0.9290 resistance area, with 0.9460 and 0.9700 as intermediary targets.