USD/CHF (Swiss franc) was in pullback last week from where we have seen a continuation back to the highs. We see pair now trading at our Fibonacci projection area that can limit upside for current black wave III. As such, we think that traders should be aware of a new three wave set-back into wave IV. However, any downward move should be temporary and corrective, so trend remains up as long as price trades above 0.9956.

USD/CHF, Four hour

Crude oil

Crude oil fell beneath 42.64 last week which has been expected after the market broke through 45.90 bearish level. We see current leg down very strong so ideally that's blue wave (iii) that can be headed down to $40-39 per barrel, and then even to the new lows of 2015. We see OIL prices in bearish mode as long as market trades beneath 44.10. In the mean time any minor corrective rallies can be limited at 42.00-43.00 area.

Crude oil, Four hour