USDCHF and AUDJPY Looking Lower

Intermediate

USDCHF is unraveling a beautiful bearish impulse from the highs, with current recovery representing wave iv) correction. This wave iv) can unfold as a double zig-zag pattern, which can later look for resistance near the Fibonacci ratio of 38.2 or higher, at the 0.9889 level, where former swing high can have the same effect, a possible reversal zone for the pair.

USDCHF, 1h

usdchf

AUDJPY is slowly and steadily turning to the downside, indicating that a bigger correction had fully unfolded at the 81.49 level. Current break below the lower corrective channel line can also be a suggestion for a completed correction and that more weakness is underway into red wave 5). Red wave 5) can in such case aim for 79.30/79.00 support area in days or weeks to follow.

AUDJPY, 4h

audjpy 4h

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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