On the daily chart we can see that since the SNB black swan event the market has been moving inside a downward channel (see Figure 1) which can also be a diagonal, and based on the Elliott Wave we should see a 5 wave move inside the channel before the market to decide on it's direction. Currently we're in the stage of developing the 4rd wave but first we'll need to hit the upward limit of this channel at around the big round number 0.7300 where a bounce lower should occur.
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