USD index and USD/CHF for a setback, while EUR/USD runing like a raging bull - Elliott Wave

Gregor Horvat Wavetraders

Good day everyone.
We have seen a drop of the dollar yesterday as Fed chair sets stage for an interest rate cut. We have seen a nice leg down on USD Index which is still only the first leg a) of a minimum three wave corrective retracement. As such, we can expect more upside on EURUSD during this phase and on other currencies as well, especially commodity currencies.

USD Index, 1h

Here is a nice five up on euro so price should climb higher, while USDCHF may see 0.9800.

EURUSD, 1h

USDCHF, 1h

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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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