Elliott Wave Analysis EURUSD and USDCHF April 8 2016

EURUSD

EURUSD has reached a new high yesterday at 1.1450 from where we have seen some bearish price move coming in play back to the trend-line connected from Mar 11th. It looks like we may see more weakness ahead as wave Y of C-circled can be finished near 161.8% Fibonacci Level of wave A. We however would need a few more sessions of weakness back to 1.1200 for a final confirmation of a turning point. MACD is now also trading away from the divergence line, suggesting that more weakness can be occur.

EURUSD, 4H

USDCHF

USDCHF is back at the lows so obviously the bears are still here but not far from completion, as we see red wave C) trades close to Fibonacci support of 100% compared to red wave A). It’s a very important level when it comes to reversals, so we have to be aware of a bounce later this month, but it will still have to be made by five waves back to around 0.9790 to confirm a turning point. That said, traders need to be aware of a bounce in the days ahead, ideally with an impulsive price back to 0.9790 that would put low in play of a big wave IV.

USDCHF, 4H

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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