Forex

Silver Found Support; Break Higher Pending? Watch CHFJan 25, 2024

Silver Can Turn Higher According To Swiss Franc . Elliott Wave pattern shows potential bullish development for the metal.

Silver(XAGUSD) is turning up from projected 21.50-22.00 area as expected, which is the first potential but strong support area for three wave drop in wave E that we have been tracking with our members very closely since early December of 2023 when Gold made a nasty “fakeout”. So, now when looking at silver, if we are correct then metal can turn higher here from the lower side of a big range, but for a confirmed bullish reversal we need an impulsive recovery out of a downward channel and towards 23.50 level.

Silver Can Turn Higher According To Swiss Franc XAGUSD 4H Chart
XAGUSD 4H Chart

As you can see below, silver and Swiss franc(CHF) are nicely connected due to a positive correlation, so if CHF will stay strong against the USD dollar, then silver could easily rally further.

For our updates on USDCHF updates and Silver, check our services here.

Grega

Silver Can Turn Higher According To Swiss Franc XAG vs. CHF 4H Chart
XAG vs. CHF 4H Chart

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