GBP/USD
Analysis:
Since March 20, the upward wave dominates the chart of the British pound. Moreover, since July 31, the price forms a correction in the form of a stretched plane. By now, this wave is close to completion and the price has reached the upper limit of the potential reversal zone of a large TF.
Forecast:
The pressure is expected on the calculated support today, with an attempt to break through its lower border. By the end of the day, a change in the exchange rate and the beginning of price growth are expected. A breakout of the upper limit of the calculated resistance is unlikely today.
Potential reversal zones
Resistance:
- 1.3020/1.3050
Support:
- 1.2910/1.2880
Recommendations:
The potential for the decline is almost exhausted, thus, selling the pound is very risky. In the support area, it is recommended to track emerging signals for buying the instrument.
USD/CHF
Analysis:
The Swiss franc market continues the trend that began at the end of March to strengthen the national currency against the US dollar. Since the beginning of August, the price from strong support forms a flat expanding correction, which entered the final stage. After its completion, the pair's downward trend will continue.
Forecast:
In the next 24 hours, the pair's price is expected to move in the corridor between the nearest counter zones. An upward trend is more likely in the European session. By the end of the day, a reversal and a downward movement of the price are expected.
Potential reversal zones
Resistance:
- 0.9210/0.9240
Support:
- 0.9140/0.9110
Recommendations:
Trading on the pair's market today is possible only within the intraday framework. It is more reasonable to reduce the trading lot. The priority is to sell the tool.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure, and the dotted one shows the expected movements.
Note: The wave algorithm does not take into account the duration of the instrument's movements in time!
