Share:

In the present article, we are going to take a look on the weekly chart of EURCHF: Euro Swiss forex pair. In a quiet natural way, this cross is a ratio of two pairs: EURUSD and USDCHF. Even though, both dollar linked pairs are by far more liquid instruments, the EURCHF shows its own character. Indeed, from January 2015 lows it develops a clean double three structure and follows hereby Fibonacci extension levels.

In our initial article from March 2020, we have forecasted another bullish cycle after 7 swings lower. As a matter of fact, the market has provided a short term bounce and correction continued as a larger 7 swings structure. Here, we take  a view on EURCHF pattern in the past 8 years and provide an outlook with targets for coming 3-5 years.

EUR/CHF weekly Elliott Wave analysis 01.24.2023

The weekly chart below shows the price behavior of the cross ratio EURCHF. From the lows of January 2015, the pair has developed a cycle higher in red wave x of a cycle degree. It has printed the highs in April 2018 at 1.2005.  The advance is an Elliott wave zigzag  pattern being a 3 swings corrective structure. Generally speaking, the correction might be over after 3 swings already. However, in contrast to stocks, forex is a range bound market. Therefore, the latter can trend also in corrective sequences.

From April 2018 highs, a correction lower in wave x has unfolded as a double three pattern being 3- 3-3 structure. First, wave ((W)) has ended in May 2020 at 1.0492 lows. Then, a connector in wave ((X)) has printed a lower high in March 2021 at 1.1151. From there, wave ((Y)) has developed another 3 swings to the downside. Hereby, blue wave (A) of black wave ((Y)) has reached 1.0208- 0.9952 intermediary range being 0.618-0.786 extension area. After a bounce in wave (B), the final swing in blue wave (C) of black wave ((Y)) has reached 0.9626-0.8684 full extension area. From that area, a strong reaction higher can be seen. Now, the bottom at 0.9407 lows is favored to be the end the entire correction of cycle from January 2015 lows.

From the September 2022 lows, EURCHF might be in the first stages of a new cycle in red wave y. While above 0.9407 lows, pair can reach in 3 swings 1.2811-1.4914 area. Hereby, intermediary area 1.1512-1.2083 should provide medium term resistance.

EURCHF

Share: Feed news

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

AUD/USD holds lower ground near 0.6950 amid US Presi. Biden's SOTU

AUD/USD holds lower ground near 0.6950 amid US Presi. Biden's SOTU

AUD/USD has turned south and tested 0.6950 amid a pause in the US Dollar decline this Wednesday. Markets pay close attention to US President Joe Biden's annual State of the Union speech. Biden delivered some tough remarks on China. 

AUD/USD News

EUR/USD grinds higher past 1.0700 even as US President Biden’s SOTU sounds tough on China

EUR/USD grinds higher past 1.0700 even as US President Biden’s SOTU sounds tough on China

EUR/USD floats around 1.0725-30 after snapping a four-day downtrend as the pair traders struggle to believe in the hawkish comments from US President Joe Biden’s State of the Union (SOTU) speech.

EUR/USD News

Gold bulls eye 50% mean reversion

Gold bulls eye 50% mean reversion

The Gold price finished the day pretty much unchanged amid a US Dollar which was mixed across the board, pushed and pulled over the comments from the Federal Reserve's Jerome Powell who was speaking at The Economic Club of Washington, D.C. Signature Even.

Gold News

Why Cosmos price is likely to rally toward $17 in February

Why Cosmos price is likely to rally toward $17 in February

Cosmos price continues to display strength as the uptrend seems unfazed by investors who may be taking profit off January's 70% gain. Considering the overall bullish stance in the crypto market, a 15% rally from today’s market value is a conservative estimate.

Read more

Soft landing, hard landing, no landing?

Soft landing, hard landing, no landing?

The Dollar has started the year on a soft footing on the view that the Fed can respond to a soft US landing, as the Rest of the World recovers. The recent run of data, especially out of the US, questions whether the Fed needs to cut rates at all.

Read more

Majors

Cryptocurrencies

Signatures