Written by www.ew-forecast.com |
Swiss Franc (Forex: USDCHF) is falling since start of September, but decline is still in three waves with a triangle placed in wave B, which means that latest leg down could be wave C that will complete a contra-trend movement. An impulsive bounce and a break through the upper side of a corrective channel will be important evidence for a bullish period USDCHF.
USDCHF 1h Elliott Wave Analysis
Gold (COMEX: GCZ13) should also be on the radar screen in this week after recent sharp fall that has structure of an impulsive price action. In fact rally from latest low is in three waves now testing former wave iv so we think that current bounce is just another fourth wave within on-going bearish moves. As such, we must be aware of a new sell-off, this time to 1280, while 1358 holds. 1358 is invalidation level so it could represent a stop loss for any taken shorts.
GOLD 1h Elliott Wave Analysis