USD/CHF Elliott Wave: Patiently Waiting For Bullish Price Action

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USDCHF was trading lower during August: from the 0.9970 high, where we believe that wave A, part of a second larger zig-zag, found the peak. If that is the case, we know that the sell-off from that latest high must be a corrective move.

Well, if we take a look on the substructure of a current decline, which is very choppy and overlapping, then we definitely must be prepared for an uptrend continuation.

USD CHF Elliott Wave Analysis September 2012

USD CHF Elliott Wave Analysis – Click image to enlarge

Guest post by Gregor Horvat, Chief  Technical Strategist at EW Forecast.

But that’s not all. Notice that the pair is trading very closely to previous wave (4) of one lesser degree where important turning points usually occur. However, we still need some kind of an upward reaction before we may look for a push towards parity. An impulse rally back to 0.9700 will argue that wave B bottom was found.

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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 www.ew-forecast.com, 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 www.ew-forecast.com 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.
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