USDCHF Could Provide Long Opportunity - Elliott Wave

By: Gregor Horvat | Wed, Nov 27, 2013
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USDCHF is at 0.9060 again, which means that decline from 0.9248 is much more complex than we firstly thought, but it's still has a shape of a corrective price action. We are tracking W)-X)-Y) now in wave (2) that could be near completion as pair approaches 0.9030 level where we see a lower side of a corrective channel and also a 61.8% retracement area.

USDCHF 4h Elliott Wave Analysis

USD/CHF 4-Hour Elliott Wave Analysis Chart

On Intraday Chart USDCHF is at new lows, probably in wave C) that is a final leg in a second zigzag of a complex corrective decline from Nov 07th. Nice technical support for this pair comes in at 0.9000-0.9050 from where we could see an impulsive reaction higher. If so, then long opportunities should be interesting. If you are aggressive trader, then you probably will be considering to go in with limits around 0.9.

USDCHF Intraday Elliott Wave Analysis

USD/CHF Intraday Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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