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In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of CHFJPY. In which, the rally from 13 January 2023 low unfolded as an impulse sequence and showed a higher high sequence. Therefore, we knew that the structure in CHFJPY is incomplete to the upside & should see another leg higher to complete the impulse rally. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

CHFJPY 1-Hour Elliott Wave Chart From 7.12.2023

Here’s the 1hr Elliott wave Chart from the 7/12/2023 update. In which, the rally to 161.64 high ended wave ((iii)) & made a pullback in wave ((iv)). The internals of that pullback unfolded as Elliott wave double three correction where wave (w) ended in 3 swings at 159.96 low. Then a bounce to 160.99 high ended wave (x) & started the next leg lower in wave (y) towards 159.29- 158.23 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.

CHFJPY Latest 1-Hour Elliott Wave Chart from 7.25.2023

This is the latest 1hr Elliott wave Chart from the 7/25/2022 Asia update. In which the pair is showing a strong reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the pair has already made new highs supporting some more upside. Note, with further data, we were able to adjust the degree into wave 5 higher.

Daily Pivots: (S1) 1.3136; (P) 1.3182; (R1) 1.3215; More....

Range trading continues in USD/CAD and intraday bias remains neutral for the moment. Further decline is expected as long as 1.3386 resistance holds. Break of 1.3091 will resume larger fall and target 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054. However, firm break of 1.3386 will indicate near term reversal and turn outlook bullish.

In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. But even so, deeper decline is expected as long as 1.3386 resistance holds. Further fall could be seen to 61.8% retracement of 1.2005 to 1.3976 at 1.2758. Meanwhile, break of 1.3386 will be a sign that the correction has completed and bring stronger rally back to retest 1.3976.

Daily Pivots: (S1) 0.6718; (P) 0.6737; (R1) 0.6759; More...

Intraday bias in AUD/USD is turned neutral with current recovery On the downside below 0.6714 will resume the fall from 0.6894, as the third leg of the corrective pattern from 0.6898. But downside should be contained above 0.6594 support to bring rebound. On the upside, above 0.6845 will bring retest of 0.6898 resistance. Decisive break there will resume rise from 0.6457.

In the bigger picture, price actions from 0.7156 are seen as a correction to the rebound from 0.6169 (2022 low). Break of 0.6898 resistance will argue that rise from 0.6169 is ready to resume through 0.7156. Next target will be 100% projection of 0.6169 to 0.7156 from 0.6457 at 0.7444. For now, this will be the favored case as long as 55 D EMA (now at 0.6715) holds.

Daily Pivots: (S1) 1.1034; (P) 1.1091; (R1) 1.1121; More...

Intraday bias in EUR/USD stays mildly on the downside. Fall from 1.1274 is in progress. But still, outlook will remain bullish as long as 1.1011 resistance turned support holds. Above 1.1146 minor resistance will turn bias back to the upside for retesting 1.1274 high first. However, firm break of 1.1011 will argue that larger correction is underway.

In the bigger picture, rise from 0.9534 is still expected to continue as long as 1.1011 resistance turned support holds. Decisive break of 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 will solidify the case of bullish trend reversal and target 1.2348 resistance next. However, firm break of 1.1011 will bring deeper fall back to 1.0634 support next.

Daily Pivots: (S1) 1.2787; (P) 1.2835; (R1) 1.2873; More...

Intraday bias in GBP/USD is turned neutral first, with 4H MACD crossed above signal line. Below 1.2796 will resume the fall form 1.3141 to 55 D EMA (now at 1.2703) next. On the upside, break of 1.2963 minor resistance will turn bias back to the upside retest 1.3141 high instead.

In the bigger picture, as long as 1.2678 resistance turned support holds, rise form 1.0351 (2022 low) is expected to continue. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. However, sustained break of 1.2678 will argue that it's at least correcting this rally, with risk of bearish reversal.

Daily Pivots: (S1) 0.8656; (P) 0.8678; (R1) 0.8719; More...

Intraday bias in USD/CHF stays on mildly on the upside as rebound from 0.8553 short term bottom is in progress. Further rise would be seen towards 0.8818 support turned resistance. Rejection by 0.8818 will retain near term bearishness for another decline through 0.8553. Meanwhile for now, risk will stay mildly on the upside as long as 0.8553 holds, in case of retreat.

In the bigger picture, the break of 0.8756 (2021 low) indicates break out from the long term range pattern. For now, medium term outlook will stay bearish as long as 0.9146 resistance holds. Further fall would be seen to 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317 next.

Daily Pivots: (S1) 140.88; (P) 141.35 (R1) 141.94; More...

Intraday bias in USD/JPY stays neutral and further rally is mildly in favor. On the upside, above 141.93 will resume the rebound from 137.22 to 145.06 first. Firm break there will target 61.8% projection of 129.62 to 127.22 from 145.06 at 146.76 next. On the downside, below 139.74 minor support will bring retest of 137.22 instead.

In the bigger picture, overall price actions from 151.93 (2022 high) are views as a corrective pattern. Current development suggests that the second leg (the rise from 127.20) might not be over yet. But even in case of extended rise, strong resistance should be seen from 151.93 to limit upside. Meanwhile, break of 137.22 support should confirm the start of the third leg to 127.20 (2023 low) and below.

Daily Pivots: (S1) 0.9591; (P) 0.9619; (R1) 0.9650; More...

Intraday bias in EUR/CHF is back on the downside with break of 0.9601 support. Larger decline from 1.0095 is in progress for 100% projection of 0.9995 to 0.9670 from 0.9840 at 0.9515. On the upside, however, break of 0.9684 will indicate short term bottoming, and bring stronger rebound.

In the bigger picture, medium term outlook is staying bearish as the pair is capped well below falling 55 W EMA (now at 0.9889). Down trend from 1.2004 (2018 high) is in favor to extend through 0.9407 at a later stage. Nevertheless, decisive break of 38.2% retracement of 1.1149 to 0.9407 will raise the chance of bullish trend reversal.

Daily Pivots: (S1) 180.68; (P) 181.52; (R1) 182.26; More...

Range trading continues in GBP/JPY and intraday bias stays neutral. On the downside, break of 179.45 will resume the correction from 183.90 to 55 D EMA (now at 177.85) and possibly below. On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue. On resumption, next target is 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36, and then 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

Daily Pivots: (S1) 155.92; (P) 156.85; (R1) 157.46; More....

Intraday bias in EUR/JPY remains neutral and outlook is unchanged. On the upside, sustained break of 157.99 will confirm resumption of larger up trend, and target 162.82 projection level next. Nevertheless, break of 155.57 minor support will bring deeper decline to extend the corrective pattern from 157.99.

In the bigger picture, as long as 151.60 resistance turned support holds, rise from 114.42 (2020 low) is in progress. On resumption, next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. Nevertheless, sustained break of 151.60 will argue that larger correction is already underway.