USDCHF Bottoms At Fibonacci Reversal Point: Elliott Wave Analysis

By: Gregor Horvat | Mon, Dec 2, 2013
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USDCHF is testing 0.9060 where a three wave decline from 0.9248 may complete a contratrend move in the near term. As we can see price is contracting at the end, testing lower side of a trading channel as well as 61.8% retracement area that is very common Fibonacci reversal point. With that in mind, impulsive rally may follow soon. Break of 0.9130 would confirm a continuation higher.

USDCHF 4h Elliott Wave Analysis

USDCHF 4-Hour Elliott Wave Analysis Chart

On Intraday chart Last week We mentioned that if we have a deal with ending diagonal on USDCHF then price must not go beneath 0.9000 level, otherwise wave 3 would be the shortest and count invalid. Well, we have seen a recent bounce from 0.9020; in three legs for now, but broken trend line of a wedge pattern and current push above 0.9090 swing is an early signal that low has been formed. Still need to wait on a daily close price and completed five wave rise on this hourly chart, but this is becoming very interesting.

USDCHF 1h Ellitot Wave Analysis

USDCHF 1-Hour Ellitot Wave Analysis 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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