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
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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