Review and forecast for USD / CHF
On the weekly scale of the chart, the Swiss Franc main currency pair formed an upward wave whereas the middle, correcting part (B) is almost completed. To reach the final rise of the main wave, the price must pass through an intermediate phase. There are quotations of the rising wave structures to be formed on the chart, from the smallest to the largest level.
The direction of the short-term trend is set by the last bullish plot of September 8. For today, the first two parts (A and B) have been completed in its structure.
The ascending zigzag from December 1 is preparing the conditions for the final markup (C).
The next trading session may become flat with a descending vector. By the end of this day, the probability of a change in direction will increase, with a new spiral of price growth to the level of the resistance zone.
Boundaries of resistance zones:
- 0.9950 / 80
Boundaries of support zones:
- 0.9890 / 60
EUR / JPY outlook and outlook
Despite the obvious predominance of the upward trend on a large scale of the schedule, the price of the crosses moves in the side flank corridor for short-term. The price establishes a correction in the form of a standard plane.
Since the beginning of December, the zigzag wave. set the pair's descending vector course. The structure of the wave has not yet been completed. As a guide, the lower boundary of the formed channel appeared.
In the upcoming European session, there is a great chance of a short-term growth of the pair's quotes for today. A rise above the upper limit of the resistance zone seems unlikely to happen. A further reversal and continuous depreciation are expected. The nearest support zone may slow the rate of decline.
Boundaries of resistance zones:
- 132.80 / 133.10
Boundaries of support zones:
- 132.00 / 131.70
Explanations of the figures:
For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.
The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.
