USD Index and USDCHF Intra-day Movements – Elliott wave Analysis

Intermediate

USD index is currently recovering, opposed to the EURUSD where we see price dropping from the 1.1217 level, and ideally unfolding final leg c as part of a bullish ending diagonal. Here on the USD index the structure is in negative correlation, meaning that we are tracking current rise as part of one more leg within an a-b-c structure. Ideally wave c is in play, which can take price towards, and above the 98.10 level in upcoming sessions.

USD Index, 1h

DAX Chart

USD is looking for another push higher since we noticed a bullish triangle in wave 4 on the USDCHF pair. So, watch out for a jump into a new high for wave 5 towards 1.0250 – 1.0300 target area, just have in mind it’s a 5th wave and after every five waves, a deeper three-wave pullback follows.

USDCHF, 1h

USDCHF Chart

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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