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

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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