Wave Analysis 29.12.2011 (USD/CHF, EUR/USD)
29.12.2011
Analysis for December 29th, 2011
USD/CHF
As we expected, the pair started growing up again, and it looks like that the price is forming a rising impulse inside the third wave. The forecast of the price movement is bullish. There is a possibility that the price may reach a new local maximum in the beginning of January.
At the H1 chart the price completed wedge pattern inside the first wave and an initial impulse in wave 1. Most likely, the price will continue moving upwards after the local correction is finished. The target for the bulls is the level of 0.9600.
EUR/USD
The price is moving according to our forecast, the pair managed to break the minimum of wave (1). It looks like the price started moving downwards in in wave (3). The short-term forecast is still bullish. Most likely, the pair will continue falling down.
We may assume that the price is forming an initial descending impulse in wave 1. On the minor wave level we can see the formation of an extension inside wave [3]. The price may start falling down again in the nearest future.
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.