Wave Analysis 09.12.2011 (USD/CHF, EUR/USD)

Analysis for December 9^th, 2011

USD/CHF

It looks like the price has formed an initial impulse in wave 3. The second wave has also been completed, and right now Franc is about to start a significant growth while forming wave [3] of 3. The short-term target is the level of 0.9600.



More detailed wave markings are shown on the H1 chart. The fifth wave in wave (3) of [1] has been completed reduced. After completing wave [2] in the form of zigzag pattern, the price formed an initial rising impulse. During the day the price may start growing up while forming the third wave and reach a new local maximum.

EUR/USD

After completing wave [B] in the form of double zigzag pattern, the price is forming a descending impulse in wave (1). The forecast of the price movement is still bearish. In the near term, we can expect the price to reach a new local minimum.



If we take a look at more detailed wave markings, which are shown on the H1 chart, we can see that the price started forming wave 3. On the minor wave level the second wave has been completed and the bears are about to continue pushing the price downwards inside the third one. The short-term target is the level of 1.3100.