Analysis for July 13th, 2011
EUR/USD
Wave
2 lacks one wave,
(5) of [C], to complete the formation of
zigzag pattern. This wave may be formed by the end of today. One is recommended to wait for bullish impulse before starting buying the pair.
The pattern which is being formed inside wave
(4) at the H1 chart may be
horizontal triangle. The internal structure of this wave let us suppose that it may be finished. A descending wave
(5) may start within the next few hours.
USD/CHF
By starting wave
(3) the market has completed the formation of
horizontal triangle. Bearish forecast still remains in effect. The price may continue to fall down during the next several days and reach new local minimum.
Wave
(2), in the form of
flat pattern, is completed. The pattern which is being formed inside wave
1 at the H1 chart may be
wedge. It means that senior wave
(3) most likely will be
extended. The price may continue to fall during the day.