Wave Analysis 07.10.2011 (USD/CHF, EUR/USD)

07.10.2011

Analysis for October 7th, 2011

USD/CHF

Diagonal trianglepattern in wave 5 continues. On the minor wave level we can see the formation of the fourth wave. Most likely, the local correction will be finished in the nearest future, and we’ll see one more bullish wave.



The price started forming the fourth wave, as we expected yesterday. There is a possibility that the correction may continue during the day. After it is finished, we can expect the price to rebound from the diagonal triangle’s lower border and start the formation of the fifth wave.


EUR/USD

It looks like diagonal triangle pattern is being formed in wave (C) right now. On the minor wave level we can see that the fourth wave has been completed. Most likely, the price will start the formation of wave 5 in the nearest future.



At the H1 chart we can see more detailed structure. The current wave structure lets us suppose that wave 4 has been completed in the form of zigzag with flat pattern in wave [B]. During the day we can expect the start of the fifth 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.

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