Elliott Wave Analysis: USDCHF and USDCAD Intraday

By: Gregor Horvat | Mon, Apr 7, 2014
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Same as EUR, CHF is also recovering against the USD after a completed five wave cycle at 0.8949. For now decline is still in three legs and still not finished, so it's hard to confirm and further moves from here. However, if fall will unfold in five waves back to 0.8840 then this will be bearish signal. On the other side of a coin, we will turn bullish, for new high if 0.8922 is breached.

USDCHF 1h Elliott Wave Analysis

USDCHF 1-Hour Elliott Wave Analysis Chart

USDCAD broke to the downside on Friday from a triangle and touched 1.0950/70 projected levels where fib. support levels may cause a new turning point. This time to the upside for a bigger corrective rally if we consider that leg from 1.0130 is fifth wave, final leg within wave (a).

USDCAD 1h Elliott Wave Analysis

USDCAD 1-Hour Elliott 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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