Wave Analysis 23.12.2011 (USD/CHF, EUR/USD)
23.12.2011
Analysis for December 23rd, 2011
USD/CHF
It looks like the local correction has been finished and the market is about to start growing inside the third wave. However, starting today traders’ minds are filled with oncoming Christmas holidays, that’s why we shouldn’t expect the market to be very active these days.
Taking into consideration the fact that the market activity is decreasing, we should expect the price to form wedge pattern slowly in wave (1). There is a possibility that the pattern may be finished on Friday. In the future we can expect the local correction to start.
EUR/USD
It looks like wave (2) has been completed in the form of a usual zigzag pattern, and currently the market is about to strengthen Dollar against Euro. On the minor wave level the price is forming initial descending impulses. In the near term, we can expect the price to continue falling down.
As we can see at the H1 chart, wave 1 is taking the form of wedge pattern. Taking into consideration the fact that the market activity is decreasing due to oncoming Christmas holidays, we shouldn’t expect the price to move much. The market will “rest” during the next several days.
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.