Swiss franc heads for key level

Elliott Wave Forecast

The USD/CHF may reach 0.9400 this year.

USD/CHF is up, now above 0.9040 swing high back from early June that opens door for a third leg rally. Ideally that leg represents part of a bullish impulse. We are looking up in wave (3) that may reach level around 0.9400 this year. If we are correct, then 0.8850 must not be breached, otherwise count will be invalidated.


USD/CHF Daily Elliott Wave Analysis

 

The USD/CHF hit new highs yesterday but then turned down very quickly. We see price now moving sideways as upper and lower side seems to be limited, thus corrective wave four could become more complex than firstly thought. One possibility at this stage is a running triangle that suggests more sideways swings before price can broke to a new high. But in either case, we believe that sooner or later pair will extend gains to 0.9140-0.9160.


USD/CHF 4h Elliott Wave Analysis

 

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/

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