Elliott Wave Analysis: USDCHF Trading In Final Stages Of A Correction


USDCHF was in a strong uptrend in the last few months of 2016, so recent sideways price move since mid-December is just another correction or pause within uptrend. We see it as wave 4) that seems to be unfolding as a complex correction, with sub-wave C showing qualities of an ending diagonal. As we can see on the updated chart, current bearish intraday movement suggests price trading in final parts of blue wave v of C, that will ideally find some support and make a new turn higher around the lower line of an ending diagonal.
A five wave move to the upside towards 1.0249 level would indicate that bulls are in control.

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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.