Elliott Wave View: USD/CHF completing 5 waves impulse [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave View in $USDCHF suggests that the decline from 10.21.2022 high is in progress as 5 waves impulse Elliott Wave structure. Down from 10.21.2022 high, wave 1 ended at 0.9841 and rally in wave 2 ended at 1.0147. Pair then resumed lower in wave 3 towards 0.935 and rally in wave 4 ended at 0.9598.

Wave 5 lower is in progress with internal subdivision as an impulse in lesser degree. Down from wave 4, wave (i) ended at 0.9484 and rally in wave (ii) ended at 0.9533. Pair resumed lower in wave (iii) towards 0.9409, wave (iv) ended at 0.943, and wave (v) of ((i)) ended at 0.938. USDCHF then corrected in wave ((ii)) which ended at 0.9547. Pair resumed lower in wave ((iii)) with subdivision as another impulse. Down from wave ((ii)), wave (i) ended at 0.9465 and wave (ii) ended at 0.954.

Pair then resumed lower in wave (iii) towards 0.933, wave (iv) ended at 0.937, and wave (v) of ((iii)) ended at 0.932. Wave ((iv)) is in progress as a zigzag where wave (a) ended at 0.944 and pullback in wave (b) ended at 0.9325. Expect wave (c) of ((iv)) to complete at 0.944 – 0.952 area before pair resumes lower.

USD/CHF 60 Minutes Elliott Wave Chart

USD/CHF Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.