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Intra-day Review For USD/CHF and EUR/USD: Elliott Wave

Published 02/07/2013, 04:38 AM
Updated 07/09/2023, 06:31 AM
Markets did not move much during the Asian trading hours, despite lower stock prices that followed bearish price action seen yesterday on European and US shares.

The EUR/USD was mostly flat around 1.3500 level but pair has now turned bullish ahead of the ECB. Looks like the reaction is technically based that came in from weaker USD/CHF.

Notice that USD/CHF made three waves up to 0.9148 but we still need to see break of a corrective channel support line and 0.9055 as well to confirm weakness towards 0.9000. Anyhow, sooner or later pair will test this psychological level.

USD/CHF 1h

USDCHF
At the same time we are tracking bullish intra-day pattern on EUR/USD, where we could see test of 1.3600 resistance in incomplete wave B, before pair turns bearish for wave C.

EUR/USD 1h

EURUSD-Elliott-Wave

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