Analysis for January 4th, 2012
In case of Franc the situation hasn’t changed much over the last 24 hours. It looks like the price is going to start growing inside the third wave. The forecast of the price movement is still bullish, their target is the level of 0.9600.
As we can see at the H1 chart, the price formed an initial impulse in wave (1)
. The second wave has been completed in the form of zigzag
pattern, and wave C on the minor wave level – in the form of diagonal triangle
one. In the near term, we can expect the price to start growing while forming wave (3)
It looks like the market is going to start falling down in wave (3)
. On the minor wave level we can see that the price is completing the second wave. In the near term, we can expect the descending trend to start again in wave 3.
As we can see at the H1 chart, the second wave took the form of zigzag
pattern. On the minor wave level we can see the formation of initial descending waves. The forecast of the price movement for the next several days remains bearish.