Analysis of wave counting:
In the second half of yesterday's trading, the currency pair USD / CHF resumed its upward movement and returned to the level of 1.0055 until the end of the day. Thus, we can assume that as a result of this price increase, the currency pair significantly complicated the internal wave structure of the wave 5, c, c, B, (2), A, (B). If this is the case, then before the transition to the stage of formation of the future wave C, (2), A, (B), the currency pair will fulfill the target in the area of 1.0065 or even test the level of 1.0100.
The objectives for the option with an upward wave:
1.0064 - 76.4% of Fibonacci
The objectives for the option with a downward wave:
0.9751 - 50.0% of Fibonacci
0.9625 - 38.2% of Fibonacci
General conclusions and trading recommendations:
The currency pair continues to build an uptrend. Within the limits of the wave c, c, B, (2), A, (B), the quotes continue to rise with targets near the estimated level of 1.0064, which corresponds to 76.4% of Fibonacci. After the completion of the construction of this wave, a long decline is expected within the framework of wave C, (2), A, (B).
The material has been provided by InstaForex Company - www.instaforex.com