18.10.201709:53 Forex Analysis & Reviews: Wave analysis of the USD / CHF currency pair for October 18, 2017

Analysis of wave counting:

Starting yesterday's trading with the upward movement, the pair USD / CHF was able to add about 60 pp in price and broke through the level of the 98th figure in the afternoon. Thus, the emerging wave situation suggests that the whole last day, the currency pair remained in the final stage of forming wave b, 2nd, C. If this is so, then from the maximum reached yesterday, the currency pair will resume the decline of quotations to the level of 0.9675 and thus denote the beginning of the wave c, 2nd, C.

The objectives for building an upward wave:

0.9872 - 100.0% of Fibonacci

0.9950 - 127.2% of Fibonacci

The objectives for building a downward wave:

0.9677 - 38.2% of Fibonacci

0.9628 - 50.0% of Fibonacci

General conclusions and trading recommendations:

Now, the wave counting is not entirely unambiguous. The lowering of quotations may resume within wave 2 within the future C with targets near the estimated levels of 0.9677 and 0.9628, which equates to 38.2% and 50.0% of Fibonacci. After it is completed, it is expected to resume the increase in quotes within wave 3, from C upward trend with targets above 0.9850.