Analysis of wave counting:
Unable to determine the direction of the movement, yesterday the USD/CHF pair traded within a fairly narrow price range, continuing to bargain around the level of price parity. At the same time, it can be assumed that the currency pair remained in the formative stage of taking the form of a complex and extensive horizontal correction of the 4th wave, in C. If so, the currency pair retained the potential allowing it to resume the decline of quotes , at least to the level of 0.9920.
Targets for an upward wave option:
1.0080 - 1.0100
Targets for a downward wave option:
0.9966 - 23.6% by Fibonacci
0.9922 - 38.2% by Fibonacci
General conclusions and trading recommendations:
The assumed wave 3, in C can be completed. If this assumption is correct, then the lowering of quotes will continue within the wave 4 in the composition of C with targets near the estimated levels of 0.9966 and 0.9922, which is equivalent to 23.6% and 38.2% of Fibonacci. Wave 3, in C may further complicate its internal structure with goals that are above the price parity. In favor of this option, there will be two unsuccessful attempts to break through the mark of 0.9966.
