USDCHF Could Continue Higher: Elliott Wave

By: Gregor Horvat | Fri, Dec 20, 2013
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USDCHF 4h

USDCHF fell to a new low in this week but now reversing sharply to the upside so we suspect that pair has bottomed after five waves down in wave (c). With that said, pair could continue higher in days ahead if we consider an ending diagonal on a daily chart where each leg is made by three waves! However it would too soon to confirm bullish view on USDCHF as long as 0.9076 level is in place. We need an overlap with this level to invalidate alternate scenario of blue wave (iv) as labeled on the chart.

USD/CHF 4-Hour Chart

USDCHF 1h

On USDCHF we can count five waves up with decreasing momentum in recent trade based on the MACD, so we assume that pair is in fifth wave. If that is the case then three wave retracement will follow, back to 0.8935 zone from where we would expect a new bounce to the upside.

USD/CHF 1-Hour 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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