Elliott Wave Analysis: Silver and USDCHF
Silver is turning south after that aggressive decline last week from 18.45, which is acting like an impulse, so we think its wave A that belongs to a larger three wave decline. We think that this will be just a new correction of a higher degree labeled as wave II which may look for a bottom later this week near 17.00-17.20.
USDCHF moved slightly above 1.0140 level last week before it turned lower for a three-wave pullback in wave ii which can be near completion. We see a flat correction that can lift prices strongly into wave iii while market is above 1.0009 low.