Wave Analysis 11.08.2011 (USD/CHF, EUR/USD)

11.08.2011

Analysis for August 11th, 2011

USD/CHF

We may assume that the fourth wave inside wave 5 of (3) is about to finish. The forecast of price movement is shown on the chart. Most likely, wave [4] will be completed during the day, and after that the price may start falling inside wave [5].



More detailed wave markings are shown on the H1 chart. Wave [4] will probably take the form of zigzag pattern with wave (C) being formed inside it. In the near term, we can expect local correction to be finished and the price to continue moving downwards.


EUR/USD

It looks like the correction continues and may continue for some time. We may assume that zigzag pattern in wave (B) has been completed and now we can see the formation of wave (C). In the near term, the price may continue falling down, but after that we can expect it to start growing inside the third wave.



At the H1 chat we can see that zigzag pattern in wave (B) has been completed, thus indicating that the price may moving downwards while forming wave (C). In future we can expect the price to start growing. However, I recommend you to wait for initial impulse and then try to buy the pair.


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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