Elliott Wave Analysis: USDCHF Could Face A Possible Temporary Correction

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USDCHF is in sharp rise for the last couple of weeks with increasing bullish momentum since market found support at 0.9640 so it appears that strong bullish trend is in progress now. In fact, we can count five waves up from 0.9640 which is a structure of an uptrend, so we can expect more upside after any three wave of retracement. Recently market fell sharply from 1.0000 psychological level, which can signal for an upcoming A-B-C retracement especially once channel support line is broken.

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USDCHF, 4H

4h-usdchf-oct-28-2016

 

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.