Comment: Investing in the foreign currency market is usually a tricky business. Knowing where price will move next appears to be straightforward however eludes virtually all people. The main reason for this is they will generally don’t consider all the details that is available. Merely researching indicators and graphs just presents half the situatiom. To get an edge over the forex market data is important and figuring out how to find it is actually crucial. We try to give everyone the most important articles to help you make smarter trading decisions. This post, Elliott Wave Analysis: USDCHF Trading Within An Impulse provides you with the latest information about exactly where the experts believe exchange rate will go providing you with a chance to be a little more profitable with your live forex trading.
Elliott Wave Analysis: USDCHF Trading Within An Impulse
USDCHF has turned sharply to the downside ahead of the US elections, and found a bottom at 0.9550 after only a three wave decline down from 1.0000 psychological level. Notice that market turned up sharply from that area as expected which we see it as an impulsive reaction now that belongs to a new bullish leg; wave V based on a completed complex correction shown on higher time-frame charts. As such, current retracement was most-likely only a temporary corrective set-back; ideally wave four that seems to have found some support near the 1.0066 level. More upside could now follow into wave 5).
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Chief Technical Strategist
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About the author
Gregor Horvat is based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market.
Gregor Horvat is also 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). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success.
Chief Technical Strategist