Wave Analysis 23.11.2011 (USD/CHF, EUR/USD)

23.11.2011

Analysis for November 23rd, 2011

USD/CHF

Franc continues consolidating. It looks like the market is taking a break while forming an extension in the second wave, which is almost completed. During the next several hours we can expect the price to start growing again in wave [3] of 3. The first target for the bulls is the level of 0.9400.



We may assume that wave [2] is taking the form of zigzag pattern with quite long horizontal triangle formed inside it by wave (B). During the day we can expect several descending waves, and then the price will probably reverse upwards.


EUR/USD

It looks like the price, after several days of consolidation, has already started forming wave (3) of [C]. During the day the price may reach a new local minimum, thus indicating that the main chart structure still remains in effect. Later, the bears are likely to reach the level of 1.3100.



More detailed wave markings are shown on the H1 chart. It looks like wave (2) has been completed in the form of irregular double three pattern in wave X. Currently the price is forming an initial impulse in the third wave. Most likely, the descending movement will continue during the day.


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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