09.05.201810:28 Wave analysis of the USD / CHF currency pair for May 9, 2018

Long-term review

Exchange Rates 09.05.2018 analysis

Analysis of wave counting:

Having failed to determine the direction of the movement, yesterday's USD / CHF pair traded within a fairly narrow price range, limited to the level of 1.0000 and a mark of 1.0045. At the same time, it can be assumed that the currency pair began to make attempts to complete the formation of the highly oblong wave c, c, B, (2), A, (B). At the same time, the currency pair retained the potential for working out a settlement target at around 1.0065, with the subsequent transition to the stage formation of the future wave C, (2), A, (B).

The objectives for the option with an upward wave:

1.0064 - 76.4% of Fibonacci

The objectives for the option with a downward wave:

0.9751 - 50.0% of Fibonacci

0.9625 - 38.2% of Fibonacci

General conclusions and trading recommendations:

The currency pair continues to build an uptrend. Wave counting has suffered some changes. Within the limits of the wave c, c, B, (2), A, (B), the quotes continue to rise with targets near the estimated level of 1.0064, which corresponds to 76.4% of Fibonacci. After the completion of the construction of this wave, a long decline is expected within the framework of wave C, (2), A, (B).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Chin Zhao,
Analytical expert
InstaForex Group © 2007-2020
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