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The following is an excerpt from a classic issue of Robert Prechter’s Elliott Wave Theorist. For a limited time, you can visit Elliott Wave International to download the rest of the 10-page issue free.
USDCHF Analysis.
Being supported by the lower border of the rising price channel, USDCHF formed a short term cycle bottom at 1.0608 level on 4-hour chart. Sideways movement is expected in a range between 1.0608 and 1.0794. A break above 1.0794 will signal resumption of uptrend from 1.0132, then another rise towards 1.0900 could be seen to follow. However, a breakdown below 1.0608 support will indicate that the uptrend from 1.0132 has completed at 1.0794 already, then pullback could be seen to 1.0500 or even lower.
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USDCAD Analysis.
USDCAD’s fall from 1.0779 extends to as low as 1.0579 level, suggesting that a short term cycle top has been formed at 1.0779 on 4-hour chart. Deeper decline to test 1.0545 key support would more likely be seen later today, a breakdown below this level will indicate that the uptrend from 1.0224 has completed at 1.0779 already, then pullback to 1.0450 area could be expected to follow. However, as long as 1.0545 support holds, the price action in the trading range between 1.0545 and 1.0779 is treated as consolidation of uptrend, one more rise to 1.1200is still possible after consolidation.
USDCHF Analysis.
USDCHF formed a short term cycle top at 1.0794 level on 4-hour chart. As long as the channel support holds, the pair is treated as in uptrend from 1.0132 and the falling from 1.0794 is consolidation of uptrend. Bounce would more likely be seen from the bottom of the price channel later today and one more rise towards 1.0900 is still possible. However, a clear break below the channel support will suggest that the rise from 1.0132 has completed.
USDCHF Analysis.
Being contained by the upper border of the rising price channel on 4-hour chart, USDCHF pulls back from 1.0794, suggesting that a short term cycle top is being formed. Sideways movement is more likely be seen later today and bottom of the channel would be tested by the end of the sideways movement. However, as long as the channel support holds, the price action from 1.0794 is treated as consolidation of uptrend from 1.0132, one more rise towards 1.0900 is possible after consolidation.
USDCHF Analysis.
USDCHF’s uptrend extended to as high as 1.0794 level and reached the upper border of the rising price channel on 4-hour chart. Minor consolidation would more likely be seen later today. However, further rally is still expected after consolidation and next target would be at 1.0900-1.1000 area. Support is at the bottom of the channel now at 1.0560, only fall below this level could indicate that the rise from 1.0132 has completed.
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EURUSD Analysis.
EURUSD drops sharply from 1.4026 and reaches the lower border of the falling price channel on 4-hour chart. Minor consolidation of downtrend could be expected later today, however, another fall towards 1.3600 is still possible after consolidation. Resistance remains a the top of the price channel, only a clear break above the channel resistance could indicate that the fall from 1.4579 has completed.
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