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USD/CHF Wave Analysis for November 6, 2012

2012-11-06 13:01:51 (читать в оригинале)

USD/CHF Elliott Wave
From the early November the USD/CHF pair was trading in an upward move, corrective (C) wave (coloured green) of the bigger
(B) wave (coloured red) was developing. Yesterday during the European and New York sessions we could observe strong ascending movement from 0.9398 towards the 0.9448 level and we can consider this move as the end of the 3 wave of the bigger 5 wave (coloured blue).
Today the USD/CHF pair continued trading in a bullish mood and the price is currently testing yesterday’s high at 0.9448 level, we expect to see the price lower when development of the final (C) wave (coloured red) starts. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave B, we can define the potential targets with measuring wave B with take profit at 0.9214 (100% of wave B). To reduce the risk, we can use resistance at 0.9485 level as stop loss.


Support and Resistance
(S3) 0.9379 (S2) 0.9397 (S1) 0.9409 (PP) 0.9428 (R1) 0.9446 (R2) 0.9458 (R3) 0.9477

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9425 with stop loss 0.9485 and take profit at 0.9214 are recommended. 

The material has been provided by Instaforex Company - instaforex.com