USDCHF Long-term Bears Are Back: Elliott Wave Forecast

By: Gregor Horvat | Mon, Jan 19, 2015
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USDCHF fell strongly last week after changed SNB policy when they decided to end 1.2 peg on EURCHF. CHF is up across the board, and it seems to be first currency that is now turning bullish against the USD, so the question is if others will follow. Well, on USDCHF weekly chart we see a completed three wave rally so current leg down is part of a larger decline. We are looking for a drop beneath 2011 low in years ahead. Ideally pair will move down in three legs if we consider a possibility of an expanded diagonal formation.

USDCHF Weekly Elliott Wave Analysis

USDCHF Weekly Elliott 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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