USDCHF Bottoms At Fibonacci Reversal Point: Elliott Wave Analysis

By: Gregor Horvat | Mon, Dec 2, 2013
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USDCHF is testing 0.9060 where a three wave decline from 0.9248 may complete a contratrend move in the near term. As we can see price is contracting at the end, testing lower side of a trading channel as well as 61.8% retracement area that is very common Fibonacci reversal point. With that in mind, impulsive rally may follow soon. Break of 0.9130 would confirm a continuation higher.

USDCHF 4h Elliott Wave Analysis

USDCHF 4-Hour Elliott Wave Analysis Chart

On Intraday chart Last week We mentioned that if we have a deal with ending diagonal on USDCHF then price must not go beneath 0.9000 level, otherwise wave 3 would be the shortest and count invalid. Well, we have seen a recent bounce from 0.9020; in three legs for now, but broken trend line of a wedge pattern and current push above 0.9090 swing is an early signal that low has been formed. Still need to wait on a daily close price and completed five wave rise on this hourly chart, but this is becoming very interesting.

USDCHF 1h Ellitot Wave Analysis

USDCHF 1-Hour Ellitot 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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