Elliott Wave Analysis: USDCHF Looking Lower

Good day traders! Let’s look at USDCHF.

USDCHF made a new drop lower, which we now see it as start of a new potential five-wave cycle. If so, then we see the previous three-wave correction at the 0.9771 level as completed and current drop as blue wave one of an upcoming five-wave bearish move.

USDCHF, 1H

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