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USDCHF And USDJPY Intraday Elliott Wave Analysis

By: Gregor Horvat | Friday, November 29, 2013

On USDCHF we are tracking an ending diagonal, now moving slightly lower in final parts of the pattern. Wave 5 could look for a support around 0.9020, but definitely not below 0.9000 because then wave 3 would be best shortest and wave count would become invalid, but still corrective from Nov 7th high!

USDCHF 1hElliott Wave Analysis

USDCHF 1-Hour Elliott Wave Analysis Chart

USDJPY moved perfectly in this week from 101.13 up to 102.60 today where pair could form a temporary top if we consider that on the 4h chart we are in wave (v) of 3, but on hourly we can now also count five subwaves in v), so any deeper corrective retracement will not be a surprise. Break of 102.10 today would confirm our bias. If market breaks to new highs, above 102.60 then 103.00 could be tested.

USDJPY 1hElliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

 


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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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