E USD/CAD And USD/CHF Elliott Wave Analysis: More Weakness In Days Ahead

USD/CAD made a bigger recovery in the past few weeks, but it could still belong to a higher degree red wave 4) correction on a daily chart, possibly completed wave C at important resistance on a daily chart, since we can count five waves up on 4h time frame. Notice that drop is now a very sharp and strong one out of an upward channel so it appears that there will be lower prices after wave B/2 rally that can show up from the current 1.2638 temporary support.

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USD/CAD 4h Elliott Wave Analysis

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usdcad Elliott Wave

USD/CHF came sharply and impulsively down in the 4-hour chart as CHF is seen as a safe haven in uncertain times. In fact, notice that we see a completed wave B) correction on a daily chart, therefore we can expect lower levels within wave C), after a current corrective rally on 4h time frame chart, where wave 2 is already trading at strong resistance near 0.9270. Ideally, the price will be much lower by the end of the week, while the invalidation level at 0.9372 must stay untouched, as wave 2 must not retrace more than 100% of wave 1.

USD/CHF 4h Elliott Wave Analysis

(Click on image to enlarge)

USDCHF Elliott Wave

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