Analysis for August 4th, 2011
In case Of Franc we can see that the price continues the formation of the descending impulse. We may assume that wave 
is about to be completed. The forecast is still bearish. In the near term, we can expect the start of wave  of 5
The H1 chart shows us more detailed markings, we can see that wave 
is taking the form of flat
pattern. On the minor wave level impulse in wave C
is almost finished. The correction may be finished during the day.
We may suppose that wave 
was completed, in the form of zigzag
pattern. After the price had broken diagonal triangle of wave (C)
, it formed initial rising impulse on the minor wave level. The forecast is still bullish. In the near term, we can expect down-trend to continue.
The H1 chart shows us more detailed markings, we can see that wave 2
was started in the form of some irregular pattern. Most likely, the correction will be finished during the day and we can expect the start of the third wave.