Elliott Wave Analysis: USDCHF and USDCAD Intraday
Same as EUR, CHF is also recovering against the USD after a completed five wave cycle at 0.8949. For now decline is still in three legs and still not finished, so it's hard to confirm and further moves from here. However, if fall will unfold in five waves back to 0.8840 then this will be bearish signal. On the other side of a coin, we will turn bullish, for new high if 0.8922 is breached.
USDCHF 1h Elliott Wave Analysis
USDCAD broke to the downside on Friday from a triangle and touched 1.0950/70 projected levels where fib. support levels may cause a new turning point. This time to the upside for a bigger corrective rally if we consider that leg from 1.0130 is fifth wave, final leg within wave (a).
USDCAD 1h Elliott Wave Analysis
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
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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