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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • Elliott Wave Forecast For EURUSD And USDCHF 0 comments
    Sep 24, 2013 5:03 AM

    The market has been very slow for the last few sessions, so we suspect that pairs are trapped in corrective price action that will send USD lower in the near-term, particularly against the EUR, GBP and CHF, while commodity currencies such as AUD and CAD could stay under pressure or maybe sideways while metals, oil and other commodities are weakening.

    Our focus is still on EURUSD where we see a three wave move from the top which we think its corrective wave (iv) that already tested 38.2% retracement area so uptrend could resume soon up in wave v).

    EURUSD 1h

    (click to enlarge)
    USDCHF is also slow and sideways in 45 pip range which its personality of a corrective price action. As such, pause around 0.9100 area is most likely just another correction within a downtrend. We believe its wave iv) which will send prices down in wave v) towards 0.9050 in this week. The only question is from where weakness will resume; from current prices or from 0.9160 where it's a 38.2% retracement area.

    USDCHF 1h

    (click to enlarge)

    Written by www.ew-forecast.com | Try EW-Forecast.com's Services Free For 7 Days at http://www.ew-forecast.com/service

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