Analysis for November 21st, 2011
After completing wave (B)
in the form of a usual zigzag
pattern, the price has formed an initial wedge
pattern in an upward direction. We may assume that currently the market is forming a rising third wave. On the minor wave level we can see that wave 
is about to be finished. In the near term, we can expect the price to start growing while forming wave  of 3
. The target for the bulls is the level of 0.9600.
At the H1 chart we can see that the second wave has been completed and took the form of a usual zigzag
pattern. Last Friday Franc formed a bullish impulse, and the market is now consolidating. The price may start growing again during the day.
The forecast for Euro, at least a short-term one, is quite vague. After completing an initial wedge
pattern in wave [C]
, the price started consolidating. There is a strong possibility that the price may start falling down again during the day while forming the descending third wave.
More detailed wave markings are shown on the H1 chart. It looks like the local correction is about to be finished soon, and we’ll see the start of one more bearish wave. The target for the bears is the level of 1.3100.