Gold May Slide Lower As USD/CHF Trades Higher

• USD/CHF points higher for wave 5
• gold unfolds a bearish triangle in the intraday chart
• Negative correlation between USD/CHF and gold, then both may resume their trend for the 5th wave

USD/CHF looks clearly corrective as the Swiss franc is also currently weak, so USD/CHF is showing us that we can expect another US dollar recovery which can push USD/CHF back to highs for wave 5.

USD/CHF 4h Elliott Wave Analysis Chart

While USD/CHF is still pointing higher for wave 5, for confirmation, we have a nice bearish triangle formation on gold within wave 4. So, considering a negative correlation between USD/CHF and gold, then both may resume their trend for the 5th wave.

Gold 4h Elliott Analysis Chart