USD/CAD and USD/CHF looking higher

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


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 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: