Wave Analysis 14.12.2011 (USD/CHF, EUR/USD)
14.12.2011
Analysis for December 14th, 2011
USD/CHF
American Dollar continues to strengthen against Franc. It looks like the price is forming wave 3 with the third wave (on the minor wave level) inside it. The forecast of the price movement is still bullish. The short-term target is the level of 0.9600.
More detailed wave markings are shown on the H1 chart. We may assume that the price has completed an extension in wave (3) and right now the correction is taking place. Most likely, wave (4) will be completed during the day. In the future, we can expect the price to start growing while forming the fifth wave.
EUR/USD
We may assume that the price is forming an extension in wave (3). The bears are very strong right now and aren’t going to give up. The price may continue moving downwards. The closest target level is 1.2850.
At the H1 chart the price has completed an extension in wave 3 and currently the correction is taking place. Wave 4 may be finished within the next several hours, and after that we can expect the price to continue falling down while forming wave 5 of (3).
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.