USD/CAD and USD/CHF looking higher

November 17, 2017 10:04 AM
Elliott Wave Analysis: USD/CAD & USD/CHF

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Good day traders. Hope everybody is ready for the weekend, but before that, lets check with our last update. 

Today's focus is on the U.S. dollar/Canadian dollar (USD/CAD) currency pair, where we expect more upside to follow. We can see a nice and strong bullish reaction unfolding since September of 2017, with four of its major waves already fully visible. A current minor rally that is on the move can start at Red Wave 5), with a final wave within an impulse. We can see that support line served as a good region of support and pushed price higher. A break above the 1.2819 level would confirm a completed Wave 4) correction and more gains to be in progress towards the Fibonacci projection zone of 61.8.


USD/CAD, 4-hour

Now switching to the U.S. dollar/Swiss franc (USD/CHF) currency pair chart. Here we also see price trading within a bullish impulse, with recently completed Wave 4). Current rally that is in progres can take price over the 0.9972 level, where we would get a confirmation for more gains to follow into final Wave 5).


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/