Wave Analysis 09.08.2011 (USD/CHF, EUR/USD)

09.08.2011

Analysis for August 9th, 2011

USD/CHF

Impulse in wave 5 of (3) continues, as well as the fifth wave. Current wave structure let us suppose that the price may continue falling down. The forecast remains bearish. Most likely, impulse inside wave 5 will be completed within the current week.



At the H1 chart we can see more detailed wave markings. After initial wedge pattern in wave [5] had been completed, the third wave started. As we can see from the forecast shown on the chart, the price may continue falling down.


EUR/USD

We may assume that after zigzag pattern in wave [2] had been completed, initial upward impulse was formed. Most probably, local correction has been finished and now we can see the formation of the third wave. The forecast remains bullish. We can expect the price to reach new maximum of wave (1) within the next several days.



At the H1 chart we can see more detailed wave markings. Wave (2) was completed in the form of zigzag pattern. We may assume that the price formed bullish wedge pattern inside wave (3). The correction may start during the next several hours, and after the correction is finished, wave 3 may 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.

Ask a question

Need any help? Click on the icon in the lower right corner of the page and get an answer to any your questions

Or enter your phone number in the form below and we will call you right away.

Call back
Ask a question