USD/CHF
The direction of short-term price fluctuations of the Swiss franc is given by the algorithm of the upward wave of June 25. Within the framework of the structure, the last part (C) has been formed since July 19. The wave lacks the final segment. Since the end of last week, the price is rolling back down.
Forecast:
In the morning, today is expected mainly downward movement. The preliminary level of completion of the reduction is within the boundaries of the estimated support zone. Changing the direction of the intersessional trend is more likely at the end of the day.
Recommendations:
When selling the franc today, it is worth reducing the lot size and be ready for counter-rollbacks. It is optimal to refrain from trading during the correction and look for signals to buy the instrument.
Resistance zone:
- 0.9950/0.9980
Support zone:
- 0.9890/0.9860.
GBP/JPY
The latest wave model of the cross is bearish, starting from July 1. The first 2 parts (A+B) are completed in the wave structure. On July 25, the final section started, which reached strong support of the senior TF.
Forecast:
Before continuing to move down, the price of the pair needs to make a rollback, which is expected today. The maximum possible level of price rise is demonstrated by the resistance zone. A return to the main course is more likely tomorrow.
Recommendations:
Cross sales today will be relevant only by the end of the day. Supporters of intraday can make short-term purchases of the instrument. It is safer to miss the upcoming rise and look for sell signals.
Resistance zone:
- 134.60/134.90
Support zone:
- 134.00/133.70
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A-B-C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Note: The wave algorithm does not take into account the duration of tool movements over time.
