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Elliott Wave Analysis: EURUSD and USDCHF

Good morning traders!

Markets did not move much since yesterday because of the holiday in the US, but we expect volatility to come back soon. Technically the market did not change; we still see room for more USD gains in the near future other  major currencies  , such as EUR, GBP, JPY and CHF, while CAD and AUD could do much better.

On EURUSD we are waiting on a third leg of decline, that can send the price to 1.1772 support this week while the market is below 1.19778, but real invalidation should remain at 1.2069 high. So as long as this price is untouched we expect a weaker EUR.

EURUSD, 1H

USDCHF looks very similar; five-wave from the low suggesting an uptrend continuation after the current-a-b-c set-back that seeks a support at the current 0.9550 zone.

USDCHF, 1H

Gregor Horvat

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!