Wave Analysis 28.09.2011 (USD/CHF, EUR/USD)

Analysis for September 28^th, 2011

USD/CHF

Diagonal trianglepattern in wave 5 of (A) continues, and the second wave inside the same wave is about to be completed. The forecast hasn’t changed much over the last 24 hours. We can expect the third wave to start during the day.



If we take a closer look at the more detailed wave markings which are shown on the H1 chart, we may assume that wave [2] has been completed in the form of double three pattern. On the minor wave level we can see the formation of an initial rising impulse. There is a possibility that the price may continue growing during the day.

EUR/USD

We may assume that an initial descending impulse has been completed in wave (C) of [Y]. The second wave is about to be finished soon. During the day it’s quite logical to expect the price to move downwards inside the third wave.



As we can see on the H1 chart, wave 2 is taking the form of double zigzag pattern. Most likely, the correction has been finished. The forecast is still bearish. During the day we can expect the “rally” phase of wave 3.