Analysis of wave counting:
As expected, during the yesterday's trading, the USD/CHF pair continued the slow development of the downward movement, and in the second half of the day was able to update the low reached yesterday. Thus, it can be assumed that the currency pair remained in the stage of formation of the internal wave structure of the 2nd wave, as part of the future wave C. If so, the currency pair maintained the potential, allowing it to continue the decline of quotes to the level of 0.9550.
Objectives for an upward wave option:
0.9687 - 100.0% by Fibonacci
0.9750
Objectives for a downward wave option:
0.9616 - 38.2% by Fibonacci
0.9582 - 50.0% by Fibonacci
General conclusions and trade recommendations:
The wave E, in B supposedly completed its formation. Now the formation of wave C has supposedly begun, and the formation of its internal wave 1 has been completed. Thus, now the quotations are expected to fall within the framework of wave 2 in C with targets located near the calculated marks of 0.9616 and 0.9582, which corresponds to 38.2% and 50.0% by Fibonacci. After the construction of this wave is completed, it is expected to increase quotations within the wave 3 in C.
