We can see some USD strength at the start of this European morning coming back into the market which has been expected based on the latest intraday price action. We were looking for a three wave move down on USDCHF with our members, and so far we can see that pair found a bottom nicely around 0.9190 from where we can see some encouraging upside reaction. Looks like we could be heading back to 0.9290, and possibly 0.9330 this week.

USDCHF 1h- Elliott Wave Analysis

EURUSD also now reversing from our »do or die« level placed at 1.3400, but still need a channel break and impulsive structure (five waves down) from above 1.3400 to make sure we are going lower.

EURUSD 1h-Elliott Wave Analysis

For now we are sitting on our hands, no official trades, but we are watching USDCHF, EURUSD and AUDUSD very closely for possible USD long set-ups. But at the moment however, I think it’s too soon for trades, it’s still only Monday and also holiday in the UK, so I believe it’s better to wait on more price action and see it then if USD rally has already began or no, and then go with the flow.

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

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