Elliott wave forecast: CHF looking Weak vs USD – More gains after A-B-C pullback

Gregor Horvat Wavetraders

USDCHF has been bearish for the last few months but notice that move is coming down from a triangle which we know its then the final leg of a higher degree bearish trend. That said, we should be aware of a potential change in trend, maybe already happening now after a nice recovery back above 0.9. It's not impulse up yet, but more gains can come if we consider that wave 1/A might have unfolded as a leading diagonal. As such, wave 2/B can send prices higher this week, from 0.9 or 0.8940 area, from where we are already seeing some nice push higher. But still need a daily close out of a downward corrective channel to make sure that the third leg up is underway.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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