FX.co ★ Wave analysis of the USD / CHF currency pair for July 24, 2017

Analysis of wave counting:

During the trading last Friday, the pair USD / CHF began with the continuation of the downward movement, losing about 70 pp and at the end of the day, was able to work out the mark of 0.9440. It can be assumed that the currency pair has moved to the final stage of the forming the 5th wave, in c, c, c, c, E, B. If this is the case, despite the MACD divergence, which indicates the possibility of a currency pair reversal in favor of the dollar, the probability of further lowering of quotations to the level of the 94th or even 93rd figure remains.

Objectives for an upward wave option:

0.9484 - 200.0% by Fibonacci

0.9513 - 161.8% by Fibonacci

Objectives for a downward wave option:

0.9429 - 261.8% by Fibonacci

0.9388 - 161, 8% by Fibonacci

General conclusions and trading recommendations:

Wave c, c, E, B complicates its internal wave structure. Thus, now the quotes are expected to fall within the limits of this wave with the targets located near the estimated levels of 0.9429 and 0.9388, which corresponds to 261.8% and 161.8% of Fibonacci. The wave c, c, E, B takes an increasingly complex form. After its completion, it will be possible to expect a prolonged increase within the wave C. MACD convergence warns of a possible withdrawal of quotations from the achieved minimum.