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Analysis of wave counting:
Most of yesterday's trading session, the USD/CHF pair stayed within the range and gained more than 100 pips at price at the end of the day. Then, it settled near the 97th figure at the end of the American session. It can be assumed that the currency pair once again confirmed the transition to the stage of generating first waves in the future wave C, which opens the possibility for further growth of quotations to the levels of the 99th figure. At the same time, it should be noted that the continuation of the downward movement is most likely a revision of the current wave marked earlier. This also implies the significant formation of the inner wave structure of the whole wave in B.
Targets for an uptrend wave option:
0.9763 - 61.8% Fibonacci retracement
0.9805 - 76.4% Fibonacci retracement
Targets for a downtrend wave option:
0.9395 - 76.4% of Fibonacci
0.9315 - 100.0% Fibonacci retracement
General conclusions and trading recommendations:
Currently, the wave formed are not entirely unambiguous while the wave E, in B, can take a more complicated form. The decline of quotations may resume with targets located near the estimated levels of 0.9395 and 0.9315 equivalent to 76.4% and 100.0% Fibonacci, respectively.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.