Elliott Wave Analysis: USDCHF and USDCAD; Bears Are On The Move!
USDCHF is in a bearish, extended move from the 1.002 area, where a previous, bigger correction had ended. We are tracking a five-wave, impulsive cycle, with pair trading at the end of a minor pullback, wave 4, that points lower, once it fully develops (also be aware of a possibility of a sideways/triangle correction within the fourth wave). Possible resistance for wave 4 can be near 0.984/0.985 area, from where wave 5 may follow.
Support for the final leg can be around the Fibonacci ratio of 38.2/61.8 and 200.0/261.8 (0.977/0.975 region).
USDCAD is recovering, ideally in wave »iv« back to a base channel around 38,2% Fibo. retracement and 1.3240 level, from where we may see another decline back to the lows for wave »v« towards 1.30 area or lower.
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