Elliott Wave Analysis On USDCHF And GOLD

By: Gregor Horvat | Fri, May 6, 2016
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USDCHF

USDCHF seems to be on a high probability to trace out black wave 3 with possible resistance around 0.9730 level, from where we expect a pullback to around 0.9655 zone, where wave iv of a lesser degree can react as a support and a turning point. When wave 4 unfolds we expect more upward price action in the final wave 5.

Invalidation level is at 0.95904- as long as it holds, we are looking bullish.

USDCHF, 1H

USD/CHF 1-Hour Chart


GOLD

Looks like Gold completed its corrective pullback, as price made a nice intraday break above upper channel line, which usually indicates that more gains can be coming. Invalidation level is at latest lows at 1.276, as long as price trades above this level, we are looking to the upside.

GOLD, 1H

Gold 1-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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