Wave Analysis 19.07.2011 (USD/CHF, EUR/USD)

19.07.2011

Analysis for July 19th, 2011

USD/CHF

Current prolonged correction forces us to change the wave markings. It seems that the range of wave [E] inside the triangle was not big. After the wave [E] had been completed, impulse in wave [5] started. On the minor wave level, wave (1) was completed, wave (2) is being formed at the moment. After wave (2) is completed, the price may resume its descending movement.



At the H1 chart we can see the formation of zigzag pattern and wave C in wave (2). This wave may continue during the day, however, the forecast is still bearish. The price may reach new minimum within next several days.


EUR/USD

Wave 2 in completed in the form of zigzag pattern, with the extended wave [B] inside it. We may suppose that initial impulse (1) was corrected by wave (2). The forecast is still bullish, we may expect the start of the “rally phase” of Wave [3] during the day.



At the H1 chart we can see more detailed markings. Wave (1) was completed with reduced fifth wave, the same as wave C of 2. Two reduced waves can indicate that both bulls and bears are quite uncertain. Nevertheless, the main scenario still remains in effect. In the near term, we may expect wave 3 to start.


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.

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