Elliott Wave Analysis On USDCHF And EURJPY

By: Gregor Horvat | Thu, Feb 18, 2016
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USDCHF

On the intraday chart of USDCHF we are tracking an extended wave 3 that seems to be near completion, as the last blue wave v is already in motion with visible five subwaves up from 0.9848. That said traders must be aware of a corrective set-back in the near-term; possibly even back to levels around 0.9900 or even 0.9848, support of a former wave four.

USDCHF, 4H

USDCHF 4-Hour Chart


EURJPY

EURJPY moved down as expected from our correction in blue wave two, and can now ideally continue towards our 138.2 fibo. ratio. Notice that on the hourly chart we are tracking an extended blue wave three which may break beneath 125.79 soon, but from a larger point of view we think that 125.00 can be seen in sessions ahead while price trades beneath 127.15.

EURJPY, 4H

EURJPY 4-Hour 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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