Wave Analysis 19.12.2011 (USD/CHF, EUR/USD)
19.12.2011
Analysis for December 19th, 2011
USD/CHF
It looks like the price is forming the fourth wave inside wave 3. Taking into consideration the fact that the first and third waves were quite short, we can expect the fifth one to be extended. During the day the local correction may be finished and the price may star growing up again.
More detailed wave markings are shown on the H1 chart. We may assume that wave [4] is taking the form of a usual zigzag pattern, which is about to be completed soon. In the near term, we can expect the start of wave [5].
EUR/USD
The price has been consolidating for the last several days while forming the fourth wave, thus confirming that the main scenario of the price movement remains in effect. It looks like the price is going to move downwards in wave 5 of (3). The target for the bears is the level of 1.2850.
The first wave inside wave 3 turned out to be the longest one. Currently the price is trying to leave the trading range in which it has been moving for the last several days. Most likely, the market will continue falling down on Monday.
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.