Elliott Wave forecast: $USD/CHF rally should fail for more downside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

The 45 minutes chart below shows $USDCHF ended wave 1 at 0.885 and rally in wave 2 ended at 0.899. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure . Up from wave 1, wave (a) ended at 0.892 and wave (b) ended at 0.8898. Wave (c) higher ended at 0.8976 which completed wave ((w)). Pullback in wave ((x)) ended at 0.8895 with internal subdivision as a zigzag. Down from wave ((w)), wave (a) ended at 0.8925, wave (b) ended at 0.8975, and wave (c) lower ended at 0.8895. This completed wave ((x)) in higher degree. Wave ((y)) higher unfolded as a double three structure. Up from wave ((x)), wave (w) ended at 0.8954, wave (x) ended at 0.8914, and wave (y) ended at 0.899. This completed wave ((y)) of 2 in higher degree.

USD/CHF 45 minutes Elliott Wave chart

Pair has resumed lower in wave 3 and broken below wave 1 at 0.885. This confirms the next leg lower has started. Down from wave 2, wave (i) ended at 0.8966 and wave (ii) rally ended at 0.899. Pair turns lower in wave (iii) towards 0.887 and rally in wave (iv) ended at 0.89. It then extends lower again in wave (v) towards 0.8822 which completed wave ((i)). Rally in wave ((ii)) ended at 0.8891 with internal subdivision as a zigzag structure. Up from wave ((i)), wave (a) ended at 0.888, pullback in wave (b) ended at 0.884, and wave (c) higher ended at 0.88914. This completed wave ((ii)) in higher degree. Near term, as far as pivot at 0.899 stays intact, expect rally to fail in 3, 7, 11 swing for further downside.

USD/CHF Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold holds gains near $5,000 as China's gold buying drives demand

Gold price clings to the latest uptick near $5,000 in Asian trading on Monday. The precious metal holds its recovery amid a weaker US Dollar and rising demand from the Chinese central bank. The delayed release of the US employment report for January will be in the spotlight later this week.

Bitcoin Weekly Forecast: The worst may be behind us

Bitcoin price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.