Wave Analysis 24.11.2011 (USD/CHF, EUR/USD)

Analysis for November 24^th, 2011

USD/CHF

We may assume that after several days of consolidation the price started wave [3] of 3, which is now in the very beginning of the formation. Within the next several days we can expect the price to reach a new local minimum. The short-term target for the bulls is the level of 0.9400.



At the H1 chart we can see that wave [2] has been completed as a usual zigzag pattern with wave (B) in the form of horizontal triangle inside it. On the minor wave level the price started forming initial rising waves. The price may continue growing during the next several days.

EUR/USD

As we expected, Euro started the formation of wave (3) of [C]. Earlier, the price completed an initial descending wedge pattern in wave (1). In the near term, the descending movement may continue. Within the next several days the bears may reach the level of 1.3100.



Wave (2) has been completed in the form of irregular double three pattern in wave X. Currently the price is forming the first descending wave in wave (3). During the next several days we can expect the price to continue falling down.