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Elliott Wave Analysis: USDCHF and USDJPY

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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