Wave Analysis 29.08.2011 (USD/CHF, EUR/USD)

29.08.2011

Analysis for August 29th, 2011

USD/CHF

Wave (4) continues and takes the form of a usual zigzag pattern. Most likely, the price will reach a new local maximum during the day. After that, however, we can expect the continuation of the current bearish trend.



At the H1 chart we can see the formation of the fourth wave in wave C. This correction may be finished within the next few hours and wave [5] will start. In the near term, we can expect the impulse in wave C to be completed soon.


EUR/USD

Today during the market trading opening the price has broken local maximum, thus indicating that the correction has been finished. Currently we can see the formation of the third wave. The target for bulls is to reach the level of 1.5000. The main forecast remains bullish.



It looks like wave (1) isbeing formed inside the third wave. The internal structure of this wave let us suppose that it may be finished soon, so wave (2) may start during the day. After that we can expect the price to start growing again in wave (3) of [3].


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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