Elliott Wave Analysis On USDCAD And USDCHF
USDCAD is rising sharply as crude oil goes straight down after NFP report. We see more weakness in play for energy markets as USD trend can be coming, so that would make ideal scenario for bullish USDCAD. A five wave rally from 1.2850 low is needed for bullish turn to be confirmed. Lets see if price can stay above 1.3052 today; if not then bears can drive pair back to the lows next week.
USDCHF can be bottoming if we consider an ending diagonal in wave v-circled while we see a divergence on the RSI. Based on price and time, a new turning point can be coming soon, but we will need a daily close above 0.9620 to confirm higher prices ahead with minimum three waves of recovery.
If you like our trading analysis, you can visit our website at --> www.ew-forecast.com