Analysis of wave counting:
The attempt to fulfill the expected reversal was unsuccessful and already on Thursday, the price of USD / CHF pair returned to the maximum reached by the previous week. At the same time, it seems that the currency pair continued to make attempts to complete the process of forming the wave 4, c, 2, A, (B). If this is the case, then the strong enough divergence of the MACD allows the currency pair to start lowering quotations from the already reached maximum, or from the correction level of 50.0%, calculated relative to the entire extent of the proposed wave 3, c, 2, A, (B).
The objectives for working off a variant with a downward wave:
0.9071 - 261.8% of Fibonacci
The objectives for working out the variant with an upward wave:
0.9675 - 61.8% of Fibonacci
0.9790 - 76.4% of Fibonacci
General conclusions and trading recommendations:
The wave counting assumes the construction of a downward trend section. The lowering of quotations may resume this week with targets near the 0.9071 settlement mark, which equates to 261.8% of Fibonacci, within wave 5, c, 2, A, (B). An unsuccessful attempt to break through the 0.9675 mark may lead to the completion of wave 4, c.
