FX.co ★ Wave analysis of USD/CHF for August 11, 2010

As with other currencies, the reversal in favor of the US dollar, which has started recently, has been interrupted by the US news. Therefore, in the result of yesterday’s quite dynamic decline of the price, there are reasons to allow that the assumed wave B can take the form of horizontal triangle structure. We can speak about it as the change of the price, which has been observed since the beginning of the month, is starting to develop series of abc waves. In case it is true, we need to wait for the end of the formation of waves d and e of such supposed triangle.