Analysis of wave counting:
During the trades of the past week, the USD/CHF pair started with an upward movement, however, after failing to complete the turn, fell to the level of 0.9735 by the end of the Friday session. Thus, the current wave situation makes it possible to consider the highs of November 1 (1.0037) as the peak of wave a, in a, in (C), and the subsequent price decrease as the process of formation of the corrective wave b, in this a, in (C). If this is the case, then from the lows of the last day of the previous week, or after reaching the level of 0.9655, the currency pair will nevertheless resume the growth of quotes, passing to the stage of formation of the wave c, 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:
0.9728 - 50.0% by Fibonacci
0.9656 - 61.8% by Fibonacci
General conclusions and trading recommendations:
The trading instrument continues to build the upward wave (C). The increase in quotations may resume with targets near the estimated levels of 1.0022 and 1.0120, which equates to 76.4% and 100.0% of Fibonacci, within the limits of wave c, in a, in (C). The assumed wave b, in a, in (C) has completed its construction or is nearing completion. An unsuccessful attempt to break through the mark of 0.9728 may lead to the completion of the construction of a downward wave.
