Wave Analysis 18.10.2011 (USD/CHF, EUR/USD)
18.10.2011
Analysis for October 18th, 2011
USD/CHF
We may assume that the price completed forming an initial descending impulse in wave [1]. Right now the local correction is taking place, and after it is finished, we can expect the price to start moving downwards while forming the third wave. Franc may reach the level of 0.86 in wave A.
It looks like a bearish wedge pattern has been completed in wave [1]. At the moment the price is forming zigzag pattern inside the second wave. On the minor wave level we can see that wave (C) of [2] has started, and it may continue during the day.
EUR/USD
It looks like a rising impulse has been completed in wave 1. At the moment the price is forming the second wave, which may be finished in the nearest future. In the near term, we can expect the local correction to be finished and the price to start growing inside wave 3. The first target for the bulls is the level of 1.43.
At the H1 chart we can see that wave [3] of 1 is extended. Currently the price is completing a descending zigzag pattern in the second wave with wave (C) being formed inside it. Most likely, this wave will be finished during the day, and after that we can expect the price to start growing again.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.