Elliott Wave Analysis: USDCHF and USDJPY

By: Gregor Horvat | Tue, Apr 4, 2017
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USDCHF

On the updated chart of USDCHF, we see price undergoing a nice sharp and strong rally to the upside, probably as an indication for a low in place. If that is the case, then recent big three wave pattern to the downside is completed as a contra-trend move, therefore more gains may follow in days ahead. Now, we see price trading in the first wave 1) that may find a potential top in sessions ahead and make a minimum three wave reversal to the downside for wave two. Possible support can then be around 0.9900.

USDCHF, 4H

USD/CHF 4-Hour Chart


USDJPY

USDJPY is falling sharply for the last few weeks, clearly with impulsive price action down from 115.50, but if we take a look at the whole bearish cycle from December 2016 high, then we need to be aware of a new significant turn. The reason is a three-wave structure, which in Elliott Wave terminology represents a corrective price move, but it's important to wait on a confirmed low of a wave C) before we may turn bullish. With that being said, we would need an impulse back above the swing high of wave 4 to confirm end of a bearish cycle.

USDJPY, 4H

USD/JPY 4-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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