GBP/USD
Analysis:
In the structure of the ascending wave formed on the chart of the major pair of the British pound, the need for correction is brewing. Since December 21 last year, an ascending wave zigzag has been formed. In a larger wave model, this section of the graph claims to be the preparatory part of the final segment (C) of the main wave.
Forecast:
Today, the continuation of the generally flat nature of the pair's movement is likely. After an attempt to pressure the support in the first half of the day, you can expect a second attempt to rise. At least, to the upper limit of the price channel formed in recent weeks.
Potential reversal zones
Resistance:
- 1.3730/1.3760
Support:
- 1.3630/1.3600
Recommendations:
Trading on the British pound market today is possible only within the intraday. It is better to reduce the lot in transactions. Purchases of the instrument remain a priority.
USD/JPY
Analysis:
The direction of the trend of the Japanese yen since March last year is set by the bearish wave algorithm. In the last unfinished section of November 9, the first two parts of the wave (A-B) are fully formed. Since January 11, the price has been forming a reversal pattern before the final pull down.
Forecast:
Today, the end of the current price pullback up in recent days is expected. In the second half of the day, you can expect a reversal and the beginning of a decline. When the exchange rate changes, an increase in volatility and a short-term puncture of the upper limit of resistance are not excluded.
Potential reversal zones
Resistance:
- 104.30/104.60
Support:
- 103.70/103.40
Recommendations:
There are no conditions for making purchases of the yen today. It is recommended to track signals for selling the instrument in the resistance area.
USD/CHF
Analysis:
For most of the past year, the exchange rate of the Swiss franc against the dollar was aimed at strengthening the position of the national currency. At the end of December, the price began to adjust. Since January 11, a small-scale downward wave has been developing. It does not have a reversal potential and can be either part of a bullish correction or the beginning of a new trend wave.
Forecast:
During the next sessions, the pair's price growth is expected to complete, a reversal and the beginning of a decline in the exchange rate. The lower limit of the daily range of the course is provided by the calculated support.
Potential reversal zones
Resistance:
- 0.8910/0.8940
Support:
- 0.8850/0.8820
Recommendations:
When buying the franc, it is worth considering the limited upside potential. It is optimal to skip this section of the movement and look for signals to sell at its end.
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.
Attention: The wave algorithm does not take into account the duration of the tool movements in time!
