EURUSD & USDCHF: Elliott Wave Morning Review

On EURUSD intraday chart we are looking at bearish wave structure, meaning that weakness is expected as rally from the low can be counted in three legs. Ideally we have seen a top at 1.0708 so acceleration down can be in the cards, which means that EURUSD could revisit the lows.
EURUSD 1h Elliott Wave Analysis
USDCHF is showing same wave structure, pointing to stronger USD as reversal down from the high seems corrective, possibly already completed because of recent bounce from 0.9673 support that we highlighted it yesterday, in our updates. We believe that sooner or later pair will break above 0.9863. If current decline will go more complex than just an A-B-C, then next support would be at 0.9630 (61.8%).
USDCHF 1h Elliott Wave Analysis

Written by www.ew-forecast.com

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