Dollar bulls beware

The monthly chart below of USDCHF is ominous. Any dollar bull out there needs to have close look at that chart. In simple technical analysis terms, a long term triangle was broken decisively followed by a retest of the broken triangle and then a continuation. That's text book price action for a triangle break.


In Elliott wave terms the long term triangle seems to be a wave 4 at a larger degree. Wave 5 is under way and seems to have completed wave (1) of 5. The tricky question is whether wave (2) of 5 is complete? The chart below offers hope to the dollar bulls for an extended wave (2) of 5. Price action in the next couple of weeks should clarify whether wave (2) is complete or not.

For now there's no reason to be a dollar bull.

PS: I'm short 2 units of USDCHF from 0.9905.