Analysis of wave counting:
Despite the prerequisites for the resumption of the upward movement, last week's USD / CHF pair started with a decline, losing more than 190 pp and reached 0.9420 at the end of Friday's session. The current wave situation allows us to assume that the currency pair remained in the formation stage of the wave c, e, C, C, (B), which considerably complicated its wave structure. If this is so, the breakdown of the level of the 94th figure will not lead to a price turn in favor of the dollar, then the ratio between the dimensions of the waves a, c, e, C, C, (B) allows the currency pair to continue to decline quotations up to level of 0.9200.
The objectives for an upward wave option:
0.9801 - 76.4% of Fibonacci
0.9900 - 1.0000
Goals for a downward wave option:
0.9388 - 161.8% of Fibonacci
0.9200
General conclusions and trading recommendations:
The wave marking of the instrument becomes more complicated, and the wave e, C, C, (B) resumed its construction. Thus, the reduction of quotations will continue with the targets located near the estimated mark of 0.9388, which is equivalent to 161.8% of Fibonacci and lower about 92 figures. The construction of wave (C) has been postponed so far.