Wave Analysis 21.11.2011 (USD/CHF, EUR/USD)

21.11.2011

Analysis for November 21st, 2011

USD/CHF

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 [2] is about to be finished. In the near term, we can expect the price to start growing while forming wave [3] 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.


EUR/USD

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.


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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