USD/CHF: A daily close above 0.85 calls for 0.90

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The Swiss franc moved lower across the board significantly this morning after Swiss Central Bank intervention.

Always when you see move like this you need to make a step back and look at the larger time frames, to see where the price stands and where is it headed.

Well, we are looking at the 4h updated count, where we can see that prices are breaking through the upper side of a base channel. As you know, in many cases this is a very strong indication for a wave three acceleration of an impulsive wave count, as Elliott Wave Theory suggests.

Guest post by Gregor Horvat

As such, we believe that daily close price today will be very important. Close above 0.850 will put much higher levels for days ahead even 0.9 within a wave 3. In such case, our critical region will be at 0.7710, current wave B/2 low.
In fact, a week back we sent a note to subscribers that Usd/Chf has likely reached a major bottom , around 0.7060.

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About Author

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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