Elliott Wave Analysis On USDCAD And USDCHF
USDCAD
USDCAD turned lower in the last two days, making a new bearish impulse that we see it as wave C of a flat in wave 4). Wave C should be made by five waves so another short-term decline beneath 1.2990 can be in play for wave five of C, before market turns higher with an impulsive reaction. Daily close above 1.3130 would suggest that lows are already in place.
USDCAD, 1H
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USDCHF
USDCHF fell sharply from 0.9844 which we labeled as wave A of a three wave decline down into wave E) pullback. Wave E) is the final leg of a big triangle so despite strong bearish turn this week, we think that next week bulls may show up, but after a visible A-B-C set-back. For now this set-back is still in full action, thus more weakness can be coming after a short-term rally up into black sub-wave B that may look for a resistance near 0.9800.
USDCHF, 1H
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