USDCHF: More Upside In View After A Three Wave Pullback

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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 uptrend is in progress now. In fact, we can count five waves up from 0.9640 which is structure of an uptrend, so we can expect more upside after any three wave of retracement that could then find a support at the area of a former wave four, at 0.9840 as shown on 4h chart.

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USDCHF, 4H

usdchf-4

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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.