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Market Analysis

Home » Technical Analysis » USDCHF Could Turn To The Upside

USDCHF Could Turn To The Upside

Posted by ewforecast in Technical Analysis - June 4th, 2015 2:28 pm GMT


USDCHF 1h Elliott Wave Analysis

Despite a very strong recovery for the EURUSD this week (likely in impulsive fashion), we see USDCHF in a different pattern. Notice that decline from the 0.9542 high is still slow and overlapping which unfolded in 7 swings. This is a corrective structure that also reached the area of a former wave four near 0.9284. As such, we need to be aware of a new turn to the upside. Ideally, the USDCHF will make an impulsive recovery towards 0.9420 where a breakout would make things very clear for the bulls. In that case we would be even interested in the longs. There definitely can be a much better decision than any shorts on EURUSD.
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