Analysis of wave counting:
During the trades of the past week, the pair USD / CHF resumed the downward movement, having lost about 200 pp, and completed the Friday session with the achievement of the level of 0.9440. Thus, it can be assumed that after the breakdown of the minimum of June (0.9550), the currency pair continued to form the wave c, c, e, c, c, c (B), in an even more complex and expanded form in time. If this is so, then the currency pair has prospects for further lowering the quotations to the level of the 94th or even 92nd figure.
Objectives for an upward wave option:
0.9687 - 100.0% by Fibonacci
0.9801 - 76.4% by Fibonacci
Objectives for a downward wave option:
0.9388 - 161.8% by Fibonacci
0.9300
General conclusions and trading recommendations:
Wave counting of the instrument involves the construction of a complicated wave e, C, C, (B). The tool may continue to decline with targets located near the estimated mark of 0.9388, which is equivalent to 161.8% Fibonacci, and lower, about 93 figures. After the completion of the construction of this wave, a prolonged rise in quotations is expected within the future wave (C). Unsuccessful attempt to break the mark of 0.9388 may lead to the withdrawal of quotations from the reached minimum.
