FX.co ★ Wave analysis of the USD/CHF currency pair for November 16, 2017

Analysis of wave counting:

Yesterday's USD/CHF trades started with the continuation of the downward movement and only after settling in the targets in the 0.9850 area rebounded by more than 60 percentage points from the lows reached in the middle of the day (0.9845). In this case, the internal wave structure of the 4th wave, in C, took the form of a completely completed oblique triangle. If this is the case and the price falls to the level of the 98th figure, the currency pair will not further complicate the 4th wave, in C, then from the last day's low, one can expect a resumption of the growth of quotes, which will mark the beginning of the future 5th wave, in C.

Targets for an upward wave option:

1.0080 - 1.0100

Targets for a downward wave option:

0.9851 - 61.8% by Fibonacci

0.9807 - 76.4% by Fibonacci

General conclusions and trading recommendations:

The construction of an upward set of waves continues. The lowering of quotes may continue within wave 4 in the composition of C with targets near the estimated levels of 0.9851 and 0.9807, which is equivalent to 61.8% and 76.4% of Fibonacci. An unsuccessful attempt to break through the mark of 0.9851 suggests the completion of wave 4 and the willingness of the instrument to build a wave 5 in C with targets above 101 figures.