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

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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