Jump to content

U.S.Dollar/Swiss France (USDCHF)  4 Hour Chart Elliott Wave Technical Analysis 31 July 23


Recommended Posts

USDCHF Elliott Wave Analysis Trading Lounge 4 Hour Chart, 31 July 23,  
U.S.Dollar/Swiss France (USDCHF)  4 Hour Chart
USDCHF Elliott Wave Technical Analysis
Function:  Trend
Mode: impulsive
Structure: Subwave 5 of C
Position: Wave C of Y
Direction Next Lower Degrees: wave (5) of C  
Details:  Subwave Wave “4” looking completed fib level 38.20 . Subwave Wave “5”  confirmation level at 0.85541. Wave Cancel invalid level: 0.89017
 
On 31st July 23, the 4-hour chart of the U.S. Dollar/Swiss Franc (USDCHF) pair is analyzed using Elliott Wave theory, revealing a trending market with an impulsive mode. The function of the price movement is identified as a trend, while the mode is characterized as impulsive.
The current structure is recognized as Subwave 5 of C, with the position of the price wave designated as Wave C of Y. The projected direction for the next lower degrees is wave (5) of C, implying that this impulsive wave movement is part of a larger wave pattern.
The analysis provides further details, suggesting that Subwave Wave "4" is likely to have completed around the Fibonacci level of 38.20. Traders and investors are advised to closely monitor the market, as the price may confirm Subwave Wave "5" at the level of 0.85541, which could act as a potential target for the current impulsive wave movement.
It is essential to note that the wave count provided will lose its validity if the USDCHF price exceeds the level of 0.89017.
As of the specified date, 31st July 23, traders in the USDCHF market should closely observe the impulsive trending movement and consider potential opportunities in line with the direction of wave (5) of C. Impulsive waves often provide significant directional momentum, making them attractive for trend-following strategies.
The analysis also suggests that Subwave Wave "5" is likely to continue the impulsive movement within the larger Wave C of Y structure. This implies the potential for further bullish movement in the USDCHF market.
While Elliott Wave analysis provides valuable insights into potential market patterns and price movements, traders should supplement it with other technical indicators and fundamental factors to develop a comprehensive trading strategy. Market dynamics can change rapidly due to various factors, including economic data releases, geopolitical events, and shifts in market sentiment. Therefore, traders should remain attentive and adaptive to changing conditions.
Proper risk management practices are essential in all trading endeavors to protect capital and manage potential losses. By staying informed and utilizing a well-rounded approach to trading, traders can make more informed decisions and improve their trading performance in the dynamic foreign exchange markets.
 

5)usdchf.png

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • This is not an acceptable explanation for me unfortunately, I am fully aware of the need to move spreads and I had accounted for that. Especially at the open of a market, but your spread was totally unreasonable the spread on DEC contracts is already at 130pip standard, to increase it to 400pips and hold it there even after 5 mins of trading. As my execution was a 09:06 the main market volatility had already been accounted for.   So disappointing after 6years being a customer and on a profitable trade as well: 
    • Dear @MB1470, Thank you for your post. Please note that dealing spreads on shares are subject to variation, especially in volatile market conditions or other unusual circumstances.  Market spreads can widen significantly, particularly at the beginning and end of the trading day, and minimum spreads may exist. Thanks, KoketsoIG
    • This morning at the market open on NOVO DEC contracts. On Spread Bet.    the spread moved from 138pips to close to 400 pips? How can this be reasonable the candle is only displayed on a 15-2min time period not on smaller periods. At market open 09:00 ????? How is this even remotely reasonable?     
×
×
  • Create New...
us