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FX.co ★ Wave analysis of the USD/CHF currency pair for May 11, 2018

Wave analysis of the USD/CHF currency pair for May 11, 2018

Wave analysis of the USD/CHF currency pair for May 11, 2018

Analysis of wave counting:

After the price returned to the highs reached on May 7, during the yesterday's trading, the USD/CHF pair resumed the downward movement and in the afternoon took an unsuccessful attempt to gain a foothold under the level of price parity. It can be assumed that by such a pullback of the price to 1.0055, the currency pair made the internal wave structure of the 5th wave even more complicated, in c, in c, in B, in (2), in A, in (B). If this is so, then, keeping the potential for the growth of quotations to 1.0065 or even 1.0100, the currency pair will continue to decline, and yet it will go to the stage of future wave C, in (2), in A, in (B).

Targets for buying:

1.0064 - 76.4% by Fibonacci

Targets for selling:

0.9896 - 61.8% by Fibonacci

0.9761 - 50.0% by Fibonacci

General conclusions and trading recommendations:

The currency pair continues to build an upward trend. The wave с, in с, in В, in (2), in A, in (В), presumably, has completed its construction, thus, it is recommended to sell the pair with the targets, which are near the estimated mark of 0.9896, which is equal to 61, 8% on Fibonacci basis. Buying the pair will happen in 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 1.0100 - 1.0150.

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