Swiss Franc Forms Descending Structure
RoboForex | Jul 09, 2014 01:31PM ET
The euro continues forming ascending wave with target at level of 1.3655. After reaching it, the instrument may start descending correction towards level of 1.3620 and then start moving upwards to reach level of 1.3710.
The `pound completed correctional wave. Today the price may form another ascending structure and reach new top. We remind you that according to main scenario, ascending trend may continue towards level of 1.7730. Alternative scenario implies that market fall down to test level of 1.7000. Any descending movements may be considered as a good opportunity to increase long positions.
The franc is still forming descending structure towards level of 0.8890. Later, in our opinion, instrument may return to level of 0.8920 and then continue falling down to reach level of 0.8830.
The yen is still forming descending structure with target at level of 101.40. Later, in our opinion, instrument may return to level of 101.80 to test it from below and then start new descending movement towards level of 101.00.
The Australian dollar completed its ascending wave, which may be considered as three-wave correction. Today the price may fall down towards level of 0.9300 and then form another ascending structure to reach new high.
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The Russian ruble is still consolidating at the top of its first impulse. Considering that price is moving without any corrections, market may fall down to reach level of 33.93. Later, in our opinion, instrument may form the fourth wave at with target at level of 35.00 and then start the fifth one to reach level of 33.20.
Gold is still consolidating near the top of its ascending wave; right now price is forming ascending structure with target at level of 1337. Later, in our opinion, instrument may form reversal pattern and then start new descending wave. Target of this wave is at level of 1208.
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