Analysis of wave counting:
The attempt by the USD/CHF pair to gain a foothold above 0.9650 was unsuccessful, and in the second half of yesterday's trading, the price started the expected decline, ending the day by almost 100 pp down, almost to the 0.9580 level. Thus, it seems that the currency pair remained in the stage of the formation of the C wave, as part of a complex correction structure that was developed from the July 21 low, supposedly being an integral part and taking a much more complicated form, the E wave, in B. At the same time, despite this downward movement, this wave of C, does not yet look quite complete, thus allowing the probability of the resumption of the growth of prices to the level of 0.9750. At the same time, it should be noted that under the emerging conditions, there are no significant hindrances to the continued decline in quotations and the formation of wave B, in the form of a more complex correctional triangle.
Objectives for an upward wave option:
0.9700 - 0.9800
Objectives for a downward wave option:
0.9400 - 0.9300
General conclusions and trading recommendations:
Wave counting is now very ambiguous and may require adjustments at any time. At the moment, it is possible to continue increasing quotations from the reached lows within the proposed wave C with targets located around the 97 and 98 figures.
