Analysis of wave counting:
During the trades of the previous week, after failing to resume the upward movement, the USD/CHF pair continued to decline in price and on Friday broke through the level of the 98th figure. At the same time, it can be assumed that the currency pair has already completed the formation of a somewhat extended waveform c, as part of a downward correction structure, which can be considered as the 4th wave, in a, in a, in c (C). If this is so, then the currency pair is likely to resume the growth of quotes, thereby marking the beginning of the 5th wave, in a, in a, in (C).
Targets for an upward wave option:
1.0022 - 76.4% by Fibonacci
1.0120 - 100.0% by Fibonacci
Targets for a downward wave option:
0.900 - 0.9700
General conclusions and trading recommendations:
The trading instrument continues to build the upward wave (C). The increase in quotes may resume with targets near the estimated levels of 1.0022 and 1.0120, which equates to 76.4% and 100.0% Fibonacci, within wave 5, in a, in a, in (C). The assumed wave 4, in a, in a, in (C) has completed its construction or is nearing completion.
