Analysis of wave counting:
During the trades of the past week, the USD / CHF pair started with an upward movement, however, failing to update the maximum reached on August 8, it returned to the level of 0.9585 on Friday. At the same time, it can be assumed that the currency pair remained in the stage of formation, significantly complicating its wave structure of the 2nd wave, as part of the future wave (C). If this is the case, the currency pair retains the potential to resume the growth of quotes and yet indicate the beginning of the 3rd wave, in (C).
The objectives for an upward wave option:
0.9801 - 76.4% by Fibonacci
0.9900 - 1.0000
Targets for a downward wave option:
0.9555 - 127.2% by Fibonacci
0.9388 - 161.8 % by Fibonacci
0.9300
General conclusions and trading recommendations:
The wave counting of the instrument assumes the completion of the construction of the wave e, C, C, (B). If this assumption is correct, then the instrument can resume the upgrade with targets near the mark of 0.9801, which equates to 76.4% of Fibonacci and above about 99 and 100 figures within wave 3, (C). Within the limits of the correctional wave, the quotes are now moving away from the reached highs to the level of 0.9555 (127.2% Fibonacci).