Analysis of wave counting:
Having worked out a fairly strong divergence of MACD, during the trades of the past week, the pair USD / CHF began with a slow decline, having lost about 100 pp and stopped before the level of the 97th figure on Friday. The wave situation that develops, in this case allows us to consider the maximum from October 6 (0.9835) as the wave vertex a, a, (C). If this is the case, then in the process of development of the wave structure of wave b, a, (C), the currency pair may continue to decline of quotations to the level of 0.9630.
The objectives for working out an option with an upward wave:
0.9801 - 76.4% of Fibonacci
0.9900 - 1.0000
The objectives for working out an option with a downward wave:
0.9677 - 38.2% of Fibonacci
0.9628 - 50.0 % of Fibonacci
General conclusions and trading recommendations:
The wave counting of the instrument is complicated, and wave C, C, (B) is supposedly completed. The decline of quotations may continue with the targets located near the estimated levels of 0.9677 and 0.9628, which is equivalent to 38.2% and 50.0% of Fibonacci, within the wave b, a, (C). After its completion, further quotations are expected to increase in the first wave as part of the future (C) with targets located between 98 and 100 figures. The MACD divergence warns of the readiness of the instrument to construct a corrective wave.
