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USD/CHF Wave Analysis for May 16, 2012

2012-05-16 11:56:47 (читать в оригинале)

 

Wave marking analysis:
In the course of yesterday’s trades the USD/CHF continued the ascending movement and have fixed above the level of figure 94 by the end of the day. The whole upward wave structure became more complicated supposing the further growth of quotes towards the point 0.9500 or even the early year’s highs (0.9600). If that proves to be so, then we can assume that targets for the wave 3 in 3 (in 3 or C) correspond to the point 0.9460.

Targets for the option with the wave 3 in 3 or C:
0.9459 – 161.8% of Fibonacci

Targets for the option with the beginning of new descending part of the trend or wave 4 in 3 or C:
0.9363 – 100.0% of Fibonacci
0.9326 – 76.4% of Fibonacci

General conclusions and trading recommendations:
At the moment the new upward part of the trend continues its formation within the wave 3 or C. The target for current growth is seen at the 0.9459 which corresponds to 161.8% of Fibonacci. On the smaller level the wave 3 in 3 continues its formation. When this wave is finished, the quotes may descend towards the levels of 0.9363 and 0.9326 indicating the formation of new downside part of the trend or even completion of the wave 4 in 3 or C. it is necessary to mention that the current wave marking may need corrections as there are some contradictions resulting from the last week’s gap, that has not been filled.

The material has been provided by Instaforex Company - instaforex.com