Elliott Wave Analysis: Bears Taking USD Index and USDCHF For A Ride; More Weakness in View

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Risk-on is in full progress after yesterdays Fed rates decision and conference, when the Fed indicated it will cut rates, but not until 2020. We see dollar turning down very aggressively, so more weakness is likely coming, especially if we consider that price is now below 96.90 which makes an overlap with a wave a of a previous corrective rise.

USD index, 1h

We can also see USDCHF moving south; falling aggressively below the channel support so more weakness is probably coming towards June lows.

USDCHF, 1h

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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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