Silver and USD/CHF undergoing a sharp fall from the highs

June 1, 2017 09:43 AM
Elliott Wave Analysis: USD/CHF & silver

We see the U.S. dollar/Swiss franc (USD/CHF) currency pair trading in a potential impulse as part of a higher degree Wave 5, with price specifically trading in one of its sub-waves, blue wave four. If we are on the right track, then current sub-wave four may see limited upside around the Fibonacci ratio of 61.8, where an ideal reversal zone can come in play for a new push lower into sub-wave five of 5.

USD/CHF, 1 hour

Silver is also undergoing a sharp fall from the highs, which is also an indication that top for the previous Wave 5 was found. As such we labeled recent and current development as A-B and now C, with Wave B being a triangle pattern. That said, the current drop may be part of Wave C, that can see limited downside around the region of support at 16.883 level.

Silver, 1 hour

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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 He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: