EURUSD at upper channel resistance; USD/CHF above invalidation level

Markets are mixed across the board ahead of Thanksgiving Day in the US. The USD is down against the EUR and GBP, but up against the commodity currencies, particularly AUD. Metals did not go far lately, while stocks are still in an uptrend but we may see a »holiday reversal « effect which means a temporary change in trends.

On EURUSD we can see higher prices but a rally still can be treated as a corrective move now with price at the upper channel resistance line. A reversal down from current levels and back to bearish level would put downtrend back in play.

EURUSD 30min Elliott Wave Analysis

USDCHF is also in a deep pullback but still within three waves, now above the 0.9602 invalidation level. We however need an intraday impulsive rally back to 0.9700 to confirm an uptrend continuation.

USDCHF 1h Elliott Wave Analysis

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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