It looks like someone linked you here to our printer friendly page. Please make sure you go Back to Safehaven.com for more great articles just like this one!

USDCHF Bottoms At Fibonacci Reversal Point: Elliott Wave Analysis

By: Gregor Horvat | Monday, December 2, 2013

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

 


Written by www.ew-forecast.com
14-Day Free Trial

 

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/

Copyright © 2013-2014 Gregor Horvat