Date: 12.11.2012 Time: 18:05 Rate: 0.9479
4 Hour chart
Last Review
USD/CHF Forecast- The price has corrected the uptrend marked with blue broken line towards the 38.2% Fibonacci correction on the 0.9394 price level and immediately went back to check the last peak on the 0.9456 price level while stopping on it few times. Breaching this level will probably lead the price towards the 0.9513 price level. On the other hand, descending of the price under the 0.9394 price level will probably indicate that the correction will be deeper with first target on the 0.9368 support level.
Current review for today
USD/CHF Forecast- The price has climbed towards the 0.9513 price level but stopped at the peak of the harmonic pattern named “butterfly” (blue triangles). By this pattern the price has to stop at this area and to descend while performing a correction in size of between a third and two thirds by Fibonacci of the uptrend locked in the right blue triangle. In addition it is possible to see that a “Wolfe waves” pattern (ascending green triangle) is assembling and its target is the purple broken line. It is possible to assume that descending of the price under the Bollinger’s moving average and its closure under it will lead the price to a long move downwards to the “Wolfe waves” pattern target. On the other hand, breaching the 0.9513 price level will continue the uptrend.
You can see the chart below:
