Elliott Wave Analysis On USDCHF And EURJPY

By: Gregor Horvat | Thu, Feb 18, 2016
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USDCHF

On the intraday chart of USDCHF we are tracking an extended wave 3 that seems to be near completion, as the last blue wave v is already in motion with visible five subwaves up from 0.9848. That said traders must be aware of a corrective set-back in the near-term; possibly even back to levels around 0.9900 or even 0.9848, support of a former wave four.

USDCHF, 4H

USDCHF 4-Hour Chart


EURJPY

EURJPY moved down as expected from our correction in blue wave two, and can now ideally continue towards our 138.2 fibo. ratio. Notice that on the hourly chart we are tracking an extended blue wave three which may break beneath 125.79 soon, but from a larger point of view we think that 125.00 can be seen in sessions ahead while price trades beneath 127.15.

EURJPY, 4H

EURJPY 4-Hour 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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