Elliott Wave Analysis On GBPUSD And USDCHF
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.
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.