EUR/USD leg down in larger wave; USD/CHF Elliott Wave

The USD is on the move today, particularly against the EUR and CHF as the USD Index could already be headed towards new highs, out of a triangle. Below we are looking at USDCHF and EURUSD, with different counts shown on the charts, but sooner or later the greenback could hit new highs of the year.

On EURUSD we were calling a leg down for a larger wave (d). Well, it looks like that move is happening this morning towards 1.2400 that I highlighted already yesterday. However, be aware of that ALT count on the chart with a possibly completed triangle at 1.2505. But, we would have to see then a break beneath 1.2359 before we can confirm a completed pattern.

EURUSD 30min Elliott Wave Analysis

I am looking at that completed triangle count on USDCHF. I really like it but again, we need to see push above 0.9726 to avoid any sideways price action. I don’t want to get trapped into a ranged price action with any new trades, so will have to wait on confirmed breakout first.

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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