Wave analysis of USD/CHF for November 9, 2017

Wave marking analysis:

And not being able to determine the direction of motion, all the previous day the pair USD/CHF stayed within a very narrow range, limited by the level of price parity and level 0,9980. Thus we can assume that the currency pair remained in the stage of formation of 4-th wave, Withwhich may take the form of a fairly complex and extended horizontal correction. If so, almost from the current price value, or after the reduction in the area of the 0,9920, the pair will resume growth of quotations, and thus will mark the beginning of 5-th wave, With.

Targets for the option with a rising wave:

1,0080 — 1,0100

Targets for down wave:

0,9966 – 23.6% according to Fibonacci

0,9922 – 38.2% according to Fibonacci

General conclusions and trading recommendations:

The estimated wave 3, With can be completed. If this assumption is correct, then the decrease of quotations to continue within wave 4 in the With with the objectives located about settlement marks 0,9966 and 0,9922 which is equal to 23.6% and 38.2% of Fibonacci. Wave 3, With can still complicate its internal structure with targets placed above the price parity. In favor of this option, say a few unsuccessful attempts to break the level of 0,9966.The material has been provided by InstaForex company — www.instaforex.com

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