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USDCHF: A Minor Pull-back Within Uptrend (Elliott Wave Analysis)

USDCHF accelerated higher at the end of the last week and traded slightly through the upper channel resistance line which is a bullish signal for the pair.

As such, we are now observing a new Elliott wave count with a possible impulsive rally underway to 0.9500 area while 0.9335 is not breached.

USDCHF Technical Elliott Wave Analysis March 6 2013

Notice that current pull-back from the latest high is quite slow which is usually an important sign for a corrective wave pattern. As such this pull-back could represent wave 4 in the middle of ongoing wave 3) that could reach 261.8% extension level of wave 2).

Sentiment Table

Current Trend/Sentiment

Directional Bias

Strategy

Up

 Directional Bias 03/06 We favour longs as long 0.9335 critical level is not breached

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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!