USDCHF Aims Higher and Crude OIL Points Lower

Intermediate

Hi traders,

USDCHF is currently recovering from the 0.9861 region, giving us an idea of a possibly completed three-wave correction within wave 2, which points to more upside. If that is the case, then a bullish continuation may now be in play, which can break above the 1.0006 bullish level and above the upper channel line. These two breaks would confirm a completed pullback, and a five-wave recovery to be in play on the pair.

USDCHF, 4h

intraday usdchf

On crude oil we are still looking at a bearish impulse in play, down from 76.83 level. We see current overlapping and contracting activity above the lows as sub-wave 4) which can be unfolding a triangle correction, that can push price to a new low once completed.

Crude oil, 4h

Oil 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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