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USD/CHF Elliott Wave
Last week the USD/CHF pair was trading in a downward move, corrective (B) wave (coloured green) of the bigger (B) wave (coloured orange) was developing. Yesterday during the Asian and European sessions we could observe ascending movement from 0.9311 towards the 0.9341 level. Therefore, during the early New York session this major pair did not manage to hold this level and price started pushing lower reaching a new daily low at 0.9295 level. Today we could observe the USD/CHF pair trading around 0.9355 level and we are expecting to see price around 0.9448 level soon. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave A, we can define the potential targets with measuring wave A, with take profit 1 at 0.9448 (100% of wave A) and take profit 2 at 0.9555 (161.8% of wave A) . To reduce the risk, we can use invalidation at 0.9276 level as stop loss.
Support and Resistance
(S3) 0.9271 (S2) 0.9289 (S1) 0.9300 (PP) 0.9318 (R1) 0.9336 (R2) 0.9347 (R3) 0.9365
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9365 with stop loss 0.9276, take profit 1 at 0.9448, and take profit 2 at 0.9555 are recommended.
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via USD/CHF Wave Analysis for November 2, 2012 . Thanks for your support on USD/CHF Wave Analysis for November 2, 2012
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