Elliott Wave Analysis: GBPUSD and USDCHF

Gregor Horvat Wavetraders

GBPUSD

GBPUSD bounced at the end of last week with a nice and strong move, which looks like an impulsive reaction that took us above 1.2674. We see possible wave 3) in play now, up to 1.2800 Fibonacci projection levels while market is trading above 1.2530. A decline below that area will suggest that pair is headed south for a new correction.

GBPUSD, 4h

USDCHF

USDCHF is in strong uptrend from 0.9550 where pair found a support following Trump's victory. We see sharp waves without overlaps, so it must be an impulse that belongs to a bigger bullish trend. However, nothing moves in straight lines so current slow price action above 1.0000 support is likely wave four which can unfold as a probable double zig-zag correction with support seen around the previous swing high of wave D at 0.9998 level.

USDCHF, 4h

Author

Gregor Horvat

Wavetraders

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

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