USDCHF Bullish Reversal Still In View For 2014: Elliott Wave Forecast
USDCHF fell to a new low of the year in February so market remains in bearish mode as long as 0.9080 swing high is not breached; but the question is for how long. We are looking at an ending diagonal in wave C that suggests a coming bullish reversal sometime this year, most likely in the second part of 2014. On the chart we are tracking wave (5) now, final leg in the pattern that will reach new lows and possibly find a support at 0.8500-0.8600 area.
USDCHF Four Hour
USDCHF has turned bearish in first part of April, clearly in impulsive manner before it found a support around 0.9740. We think that rally from that low is corrective, ideally wave 2 that has reatraced back to 0.8825-0.8844 resistance zone as highlighed in our past updates. Market could continue down from that levels so be aware of a downtrend continuation in the next few days. For now critical resistance remains at 0.8951 as wave two must not retrace for more than 100% of wave one.
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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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