USDCHF Could Be Forming A Turning Point – Elliott Wave

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USDCHF hit a new low in this week, but it is now again reversing from this low. This  could be the start of some larger and important turning point.

Notice that we are tracking a corrective decline from 0.9750 which is actually part of a much bigger contra-trend move on a daily chart where we are tracking a triangle within larger uptrend.

As such, we are ready on a bullish move on USDCHF, but would have to see further strength from here and through the upper falling channel line, as well as 0.9394 level to make sure that the lows are in.

The reading on the RSI is also interesting, where prices reversed from its own trend-line and suggests higher reading as we move forward.

USDCHF 4h chart

usdchfd  aug 22 2013 4h Elliott Wave Analysis technical trading

USDCHF Daily chart

4492usdchf_aug_18_2013_daily chart Elliott Wave analysis August 22 2013

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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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