Hello fellow traders, in this technical blog we’re going take a look at the short term Elliott Wave analysis of $GBPCHF currency pair. In the larger time frames we see the pair reached the extreme area in the daily cycle from the last year’s peak (19th November). It hit the important tech zone at 1.2444 and made a bounce from there, 660 points rally so far. It’s still too early to tell for sure if the cycle has completed or not, and as of right now the price remains trapped in the area between 1.2444 low and 1.3119 high. One of these two pivots has to give up in order to determinate further price direction. In the short term, the price structure looks a little bit clearer. As of right now looks like it’s doing Elliott Wave double three structure. Due to a current price movements, the pair has open an extension to the downside, looking for 1.27301-1.26698 area ideally to complete the short term cycle from the 1.3119 peak. At that area the buyers should appear for a 3 wave bounce at least. Current short term technical area : 1.2827-1.2790 can produce a short term correction against the 1.2985 pivot, before final swing lower takes place.
Looking at the 4 Hour $GBPCHF chart below , we can see short term labels of the pull back from the 1.3119 peak.
Eventualy the pair can break the high at 1.3199, which would make incomplete bullish Elliott Wave structure in the cycle from the 1.2444 low, giving us better trading opportunities. However, keep in mind that market is dynamic and the view could change in mean time. Success in trading requires proper risk/money management, so does understanding of Elliott Wave theory, Cycle and Correlation analysis.
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