Wave Analysis 15.07.2011 (USD/CHF, EUR/USD)

Analysis for July 15^th, 2011

USD/CHF

A descending impulse and the fourth wave are being formed inside wave [5] of 3. This local correction may be finished during the day on Friday. After that we should expect wave (5) of [5] to start.



More detailed markings can be seen at the H1 chart. It looks like impulse in wave (3) is completed and now we can see the formation of zigzag pattern in wave (4). On the minor wave level we can see the formation of wave C. During the next few hours the price may be corrected while growing. After wave (4) is completed, we should expect wave (5) to start.

EUR/USD

Impulse in wave (1) is completed, and now we can see the formation of the second wave. Most likely it won’t be long and will be finished during the day. In the future we should expect the price to continue growing during the “rally phase” of Wave (3).



At the H1 chart we can see that wave (1) was completed with the fifth wave being a bit reduced. The market wasn’t able to reach new maximum. We can see the formation of wave (2), which is about to be finished. The forecast is still bullish, the price may continue to grow during the day.