Interestingly, despite some interesting swings on stocks, the FX market remains in corrective mode. On EURUSD we still see a triangle placed in wave four from where we expect a break lower, maybe as a wave e) that can complete the pattern in the sessions ahead. However, the market is consolidating for a long time now, so we definitely need a break below 1.3350 to confirm a bearish view.
EURUSD 1h Elliott Wave Analysis
Our trailing stop has been hit on USDCHF for a small loss, but we may try again with longs soon as a decline from the high still has a corrective look. In fact, in the current leg down from 0.9100, labeled as wave c), that the market is making overlaps within a wedge pattern that can be an ending diagonal. Nice support comes in at 0.9000 psychological level.
USDCHF 1h Elliott Wave Analysis
