Analysis for September 15th, 2011
USD/CHF
The USD/CHF currency pair keeps consolidating. We may assume that wave
4 is taking the form of
zigzag pattern with wave
[B] inside it. According to the short-term forecast, we should expect the local correction to continue.
If we take a look at more detailed wave markings, which are shown on the H1 chart, we can see that
wedge pattern has been completed in wave
[A], and wave
[B] is taking the form of
flat pattern. The price may continue moving downwards slowly during the next several days.
EUR/USD
The formation of wave
(B) continues. It looks like the correction may take place for several more days. The forecast of the price movement is shown on the chart. In future we can expect the start of bearish wave
(C) of [Y].
At the H1 chart we can see more detailed wave markings.
Wedge pattern has been finished in wave
A, which is, in its turn, inside wave
(B). Wave
B has been completed in the form of
horizontal triangle pattern. In the near term, we can expect the price to continue growing inside wave
C.