Elliott Wave Analysis On USDCHF And GBPUSD

By: Gregor Horvat | Mon, Feb 8, 2016
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USDCHF

Finally, USDCHF has turned sharply to the downside in the last few days, clearly in impulsive price action that can cause even more weakness in the next few days. We are looking to lower levels in wave C of a black wave 4 that can even look for 0.9780 once again where we would expect to see a bottom formation of a big corrective wave four that is unfolding since November 2015.

USDCHF, 4H

USDCHF 4-Hour Chart


GBPUSD

GBPUSD fell strongly in January after the price took out 1.4560 level from where we have seen a decline into our Fibonacci support levels near 1.400. Notice that fall was extended, so it must be impulsive as part of a much bigger bearish cycle. However, market never moves in straight lines so we need to be aware of a corrective price actions. Well, we have seen a nice bounce in the last two weeks to 1.4700 that we see it as wave four within ongoing bearish trend. That said, traders must be aware of a new turn down in days ahead, for wave 5 of III.

GBPUSD, Daily

GBPUSD Daily Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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