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USDCHF: Corrective Rally Could Stop At 0.9000-0.9045

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USDCHF unexpectedly turned higher during this week back to the 0.9000 level but still in the context of a larger bearish trend if we consider the latest structure. We see a five wave fall from above 0.9170 to 0.8888 so the current upward reaction could be just a temporary bear market rally.

Notice that the current recovery is also approaching the former wave 4 as well as to the 38.2% and 50% retracement area that could react as a strong resistance zone.

With that said, the new sell-off on this pair may follow soon. Only a rise and close above 0.9100 would put bullish price in action. Until then we are bearish.

8559usdchf_oct_30_2013_4h technical analysis Elliott Wave graph

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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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