Elliott wave analysis: USD/CHF looking for a bounce

By Gregor Horvat

February 5, 2018 • Reprints

The U.S. dollar/Swiss franc (USD/CHF) currency pair can be trading in a bigger complex correction, with sub-wave C) of Y in progress. Wave C) is an impulsive wave, so we are tracking a five wave decline from 1.0000 that can be targeting 0.9000/0.9100 area.

USD/CHF, Daily

Now on the 4h chart, we see USD/CHF trading in a bearish impulse of a higher degree, with its sub-wave 3 finished. Ideally, some support can push the price into a three-wave corrective pullback as wave 4 that may find potential resistance later at 0.9536 zone.

USD/CHF, 4-Hour

 

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/