Elliott Wave Analysis On EURUSD And USDCHF
EURUSD fell to a new low this week as expected, into wave 5 of 3) which moved very close to 1.0600. This price can still be retested in sessions ahead, but we need to keep in mind that red wave 3) is in late stages and that market will make a new corrective retracement. Ideally wave 4) will bounce in three waves back to around 1.0800 from where downtrend may continue. Invalidation level is at 1.0897 because wave 4) must not trade into a territory of a wave 1).
USDCHF was in pullback last week from where we have seen a continuation back to the highs. We see pair now reaching levels above 1.0200 with five subwaves up from 0.9838. We know that after every five waves new correction occurs, so ideally wave III is now near completion which means that market can make a three wave set-back down in wave IV, close to 1.0085 from were we would look for a new turn to the upside.
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