Analysis of wave counting:
Having started the trading last week with a slowly developing upward movement, the currency pair USD / CHF stopped at 10 percentage points from the level of the 95th figure on Thursday and fell back to the mark of 0.9340. The resulting wave situation allows us to assume that the currency pair continued to make attempts to complete the formation of the wave 3, 3rd, c, 2, A, (B). If this is the case, the fall in quotations that began on Friday could allow the currency pair to re-test the level of 0.9200.
The objectives for working off a variant with a descending wave:
0.9208 - 261.8% of Fibonacci
0.9095 - 300.0% of Fibonacci
The objectives for working out the variant with an upward wave:
0.9400 - 0.9500
General conclusions and trading recommendations:
The wave counting has suffered some clarification. The lowering of quotations may resume this week with targets near the estimated levels of 0.9208 and 0.9095, which equates to 261.8% and 300.0% of Fibonacci, within wave 3, c, 2, A, (B). After the completion of the construction of this wave, a departure from the minimum reached within wave 4, c is possible.
