Intraday Elliott Wave Analysis For EURUSD And USDCHF


Yesterday we anticipated a corrective rally up on EURUSD and at the same time down on USDCHF. Corrections definitely took place but at the moment it’s not clear if they are already completed or no. I personally suspect that we will see another push up on EURUSD in the next few hours before larger trend will finally turn bearish. Notice that Recent move down from around 1.3650 on EURUSD is very slow and choppy. To me it looks corrective, so it can be wave (x) as a part of a complex wave 4 recovery that may still retest 1.3660/70 region before turning down.
EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis
EURUSD Elliott Wave Analysis

So if EURUSD would move slightly higher than USDCHF is still in its own incomplete downward correction. I am talking about wave 4 that may see wave (c) down to 0.9000 support zone in the near term, from where we will be looking for a move to the upside.
USDCHF 1h Elliott Wave Analysis

USDCHF Elliott Wave Analysis
USDCHF Elliott Wave Analysis

Written by

2 week trial

Previous articleDecline Continues in Asian Stocks on the Third Consecutive Day
Next articleAll Eyes on Job Numbers
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 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.