Elliott Wave Analysis: Bears Taking USD Index and USDCHF For A Ride; More Weakness in View

Jun 21,2019 07:15   Source:Forex Crunch

Risk-on is in full progress after yesterdays Fed rates decision and conference, when the Fed indicated it will cut rates, but not until 2020. We see dollar turning down very aggressively, so more weakness is likely coming, especially if we consider that price is now below 96.90 which makes an overlap with a wave a of a previous corrective rise.

USD index, 1h

We can also see USDCHF moving south; falling aggressively below the channel support so more weakness is probably coming towards June lows.

USDCHF, 1h

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