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USD/CHF Wave Analysis for November 27, 2012

2012-11-27 12:52:37 (читать в оригинале)

USD/CHF Elliott Wave 
Since our last analysis the USD/CHF pair was trading in a slight downward move, impulsive 3 wave (coloured pink) of the bigger 3 wave (coloured blue) was developing. Yesterday, during the Asian and European sessions we could observe the price trading in a sideways move between 0.9300 and 0.9275 level. Therefore, during the New York session the USD/CHF pair broke support and the price reached a new low at 0.9252 level. We can consider this move as the end of the impulsive 3 wave (coloured pink). At the moment the price is trading around 0.9282 and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave 4 should retrace 50% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9319 (50% of wave 3). To reduce the risk, we can use support at 0.9223 level as stop loss.

Support and Resistance
(S3) 0.9224 (S2) 0.9243 (S1) 0.9256 (PP) 0.9275 (R1) 0.9294 (R2) 0.9307 (R3) 0.9326

Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the upward movement. That is why long positions at level 0.92835 with stop loss 0.9223 and take profit at 0.9319 are recommended. 

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