Elliott Wave Analysis On GBPUSD And USDCHF

By: Gregor Horvat | Fri, Sep 9, 2016
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GBPUSD

On the intraday chart of GBPUSD, we are observing a nice three wave corrective decline taking place, now around the 1.325 area, after a five wave rise had unfolded around the 1.346 zone. As such we now believe this correction may find its support around the 38.2 or 50.0 Fibonacci ratio, from where more upside may follow.

GBPUSD, 1H

GBP/USD 1-Hour Chart


USDCHF

On the 1h chart of USDCHF we see that market made a nice intraday reaction higher from around the 0.965 area, where wave E) might have just posted its lows. If that is the case, then we may see more upside in sessions to follow probably to around the 161.8 Fibonacci ratio, where blue wave iii-circled may end.

Break above the 0.9810 mid swing would give us even more confirmation, that more upside is in view.

USDCHF, 1H

USD/CHF 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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