Analysis of wave counting:
Having started yesterday's trading with continuation of the upward movement, which was shown on Friday, the USD/CHF pair was able to add more than 100 pp in the price and at the end of the day finished at the mark of 0.9560. The resulting wave condition allows the assumption that the currency pair has so far remained in the stage of formation, having significantly complicated its wave structure, waves c, in, c, in c, in E, in B, while maintaining the potential for resuming the decline of prices at least to the level of the 93rd figure.
Objectives for an upward wave option:
0.9600 - 0.9800
Objectives for a downward wave option:
0.9395 - 76.4% by Fibonacci
0.9315 - 100.0% by Fibonacci
General conclusions and trading recommendations:
Wave counting experienced adjustments. The wave E, in B takes a more complicated form, and the decline of prices may resume with the targets located near the estimated marks 0.9395 and 0.9315, which is equivalent to 76.4% and 100.0% Fibonacci. After the completion of the construction of this wave, a long-term increase in the wave C will again be expected.
