Date: 13.11.2012 Time: 17:26 Rate: 0.9506
4 Hour chart
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.
Current review for today
USD/CHF Forecast- The price has reached the 0.9513 price level and immediately backed down while at the moment it is located under the Bollinger’s moving average and under the ascending trend line between the lows. It is possible to assume that closure of the current candle under those two will sign that the price will make its way towards the “Wolfe waves” pattern target, meaning the line connecting between points 1 and 4 and marked with purple broken line. Only proven breaching of the 0.9513 price level will change this assumption.
You can see the chart below: