Wave Analysis 04.08.2011 (USD/CHF, EUR/USD)

04.08.2011

Analysis for August 4th, 2011

USD/CHF

In case Of Franc we can see that the price continues the formation of the descending impulse. We may assume that wave [4] is about to be completed. The forecast is still bearish. In the near term, we can expect the start of wave [5] of 5.



The H1 chart shows us more detailed markings, we can see that wave [4] 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.


EUR/USD

We may suppose that wave [2] 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.


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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