USD/CHF Wave analysis and forecast of 21.11 – 28.11: The pair is likely to decline. Estimated pivot point is at the level of 0.9740. Our opinion: Wait for the completion of the correction ii of A and sell the pair below the level of 0.9740 with the target of 0.9400 – 0.9350. Alternative scenario: Breakout and consolidation of the price above of the level of 0.9740 will enable the rise in the pair up to the levels of 0.98 – 0.9850. Analysis: Presumably, the formation of the fifth wave of the upward momentum (A) has completed on the daily timeframe. Locally, it seems that the first one-two wave i of A is being formed in the shape of the wedge, as well as the correction in the wave ii of A. If this assumption is correct and the price does not break down the critical level of 0.9740, after the completion of correction it makes sense to expect that decline in the pair will continue to the level of 0.9580 – 0.95.
Posted on: Fri, 21 Nov 2014 23:16:26 +0000
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