GBP/USD
Analysis:
According to the daily chart, the price is moving in the upward trend. An incomplete downward correction as of February 24 sets the direction of the short-term trend. In its structure, a pullback (B) in the form of a horizontal plane has been developing since early March. There have been no signals of the end of the wave yet.
Forecast:
Today, the pair is likely to move sideways. In the first half of the day, an upward vector is highly likely. By the end of the trading day, the trend is expected to reverse, while the price can go down to the support zone.
Potential reversal zones
Resistance:
- 1.3900/1.3930
Support:
- 1.3800/1.3770
Recommendations:
Today, trading on GBP/USD is possible intraday and with smaller lot sizes. When the first reversal signal appears, you should close your positions. Sell deals are a priority.
USD/JPY
Analysis:
The upward wave as of January 6 determines a short-term direction on USD/JPY. The price reached the lower border of a strong potential reversal zone. The price has been in a narrow corridor, forming a correction plane, since March 9.
Forecast:
During the upcoming trading session, a flat and pressure on the support zone are highly likely. By the end of the day, the trend is expected to reverse and the pair can try to rise to the resistance zone again.
Potential reversal zones
Resistance:
- 109.30/109.60
Support:
- 108.60/108.30
Recommendations:
Today, you can open positions on USD/JPY only in terms of separate sessions. Priority is given to long positions.
USD/CHF
Analysis:
The market is in a downward trend that started on March 20 last year. The price has been correcting since the beginning of the current year. The price has reached a strong resistance zone. The downward trend as of March 9 has a reversal potential and is likely to mark the beginning of another wave.
Forecast:
Today, the price is set to continue its sideways move. During the upcoming session, it is expected to return to the support zone. By the end of the day, the price may rise again.
Potential reversal zones
Resistance:
- 0.9330/0.9360
Support:
- 0.9270/0.9240
Recommendations:
Short positions on USD/CHF may be unprofitable today. You should trace buy signals in the support zone. The upward potential will be limited to a calculated resistance level.
Note: In simple wave analysis, we review a three-wave pattern labeled A-B-C and analyze the last unfinished wave. Straight arrows show the formed wave structure, while dashed lines show the expected movements.
Warning: The wave pattern does not take into account the duration of the instrument's movements in time!
