FX.co ★ USD/CHF Wave Analysis. Weekly Forecast

Wave Analysis:

Despite the attempts that were made to complete the ascending move during the previous week, the USD/CHF pair continued growth and worked out the estimated level of correction 38.2% on Friday. Thus, the whole rate’s growth starting from the low of October 16 looks like a completed correctional structure in the abc waves structure at the moment. Meanwhile, if the pair is not able to resume a downtrend from the Friday’s high, then it is most probable that the price will reach targets placed near the level of figure 96.

Targets for Wave 3 or C of Uptrend:

0.9529 – 127.2% of Fibonacci
0.9598 – 161.8% of Fibonacci

Targets for New Down Wave after Wave 3 or C:

0.9372 – 23.6% of Fibonacci
0.9277 – 11.4% of Fibonacci

Summary and Trading Recommendations:

Last week the pair continued to be on the upswing. It means the building of an uptrend; probably it is a correctional one. Next week there may be a rise towards the levels of 0.9529 and 0.9598, which is corresponding to 127.2% and 161.8% of Fibonacci. After this wave is built, a new down wave may start; we cannot say at the moment which one will it be. It will have targets at 0.9372 and 0.9277, which is corresponding to 23.6% and 11.4% of Fibonacci. The break of the downtrend indicated that the pair is about to begin an uptrend.