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15.05.2018 10:02 AM
Wave analysis of the USD / CHF currency pair for May 15, 2018

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Analysis of wave counting:

Only after the price was rolled back below 0.9960, the currency pair USD / CHF started the expected local correction and returned to the level of price parity till the end of the day. It can be assumed that the currency pair continued to make attempts to transition to the stage of formation of the first generating waves in the composition of the future wave 1, C, (2), A, (B). If this is the case, then after the completion of the wave 2, 1, C, (2), A, (B), the currency pair can resume the decline of quotations in the direction of the 99th figure level and further, to lower forming line of the uplink.

The objectives for the option with purchases:

1.0064 - 76.4% of Fibonacci

1.0100 - 1.0150

The objectives for the option with sales:

0.9896 - 61.8% of Fibonacci

0.9761 - 50.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair supposedly completed the construction of the wave c, c, B, (2), A, (B). Thus, I recommend selling the pair with targets near the estimated mark of 0.9896, which is equivalent to 61.8% of Fibonacci. I recommend to start buying the pair in the case of a successful attempt to break through the mark of 1.0064, which corresponds to 76.4% of Fibonacci, with targets in the range of 1.0100 - 1.0150, which will complicate the internal structure of wave B, (2), A, (B).

Chin Zhao,
Analytical expert of InstaForex
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