USDCHF Remains Bullish Within Impulsive Rise-Elliott Wave Forecast

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USDCHF extended its gains in the last week, through 0.9044 swing and more importantly, it moved out of a recent upward channel. This breakout (blue circle) usually occurs in the middle of a wave three of a five wave rally, so if we respect the price action then pair is now forming an important bullish reversal from October lows. With that said, USDCHF is expected to stay in bullish mode, so current slow and sideways price action above 0.9090 is wave 4 of 3) which means that price is expected to rise up in wave 5 of 3) towarss 0.9180-0.9190.
Written by www.ew-forecast.com
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Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com