GBP/USD
Analysis
The British pound has been moving downwards from strong resistance for the whole month. The extent of this move has not exceeded yet a correction of the last section C of the overall trend. The structure of the downward wave looks complete. The price has reached the upper border of the potential reversal.
Forecast
Today GBP/USD is likely to trade sideways in the second half of the day. A minor growth is possible, but not higher than the resistance area. The price is expected to return to the overall trajectory and decline again as low as the support zone.
Zones of potential reversal
Resistance
1.3730/1.3760
Support
1.3650/1.3620
Trading tips
Before the pound sterling sends clear signals of a trend reversal, it is still highly risky to buy GBP. So, you would rather refrain from buying GBP for a while. Instead, you would better focus on searching signals to sell GBP at rallies.
USD/JPY
Analysis
The upward wave from January 6 shifted the currency pair to the lower edge of the strong reversal zone in a senior timeframe. Since early March, the price has been trading almost flat in a correctional manner. The correction structure is not complete yet.
Forecast
Today USD/JPY is expected to continue its sideways move in a narrow trading range. I foresee some pressure on support in the nearest session. The next move could be a reversal and a return to the levels of the last week.
Zones of potential reversal
Resistance
109.40/109.70
Support
108.60/108.30
Trading tips
It is recommended to trade the yen following intraday strategies in small lots. The preferable trading idea is to buy USD/JPY.
EUR/JPY
Analysis
This cross pair has been trading mainly in the bullish trend since July of 2020. Now the currency pair is almost in the strong reversal zone. Since February 25, the price has been building a downward wave.
Forecast
In the nearest session, the pair is likely to escape from the range-bound market where it has been stuck in a few recent days. Let me warn you about higher volatility in the late trading day. USD/JPY could reverse and decline towards support.
Zones of potential reversal
Resistance
128.80/129.10
Support
128.10/127.80
Trading tips
Today the market has the wrong conditions to buy this forex cross. So, it is recommended to recognize reversal signals at about estimated support to sell the pair.
USD/CHF
Analysis
USD/CHF has been following the same short-term trend which was triggered by the upward wave from January 6. In the chart with a senior timeframe, this short-term trend looks like a correction. The price is approaching the upper border of resistance. The structure of the upward wave, originating on March 22, is not complete yet.
Forecast
USD/CHF is likely to continue the uptrend in the nearest 24 hours. More active trade is expected at the end of the trading day. The currency pair could dip for a short time during the European session, though not deeper than support.
Zones of potential reversal
Resistance
0.9400/0.9430
Support
0.9340/0.9310
Trading tips
Long positions on USD/CHF are still a preferable trading strategy. When opening new positions, it is important to take into account waning bullish momentum.
Notes
In the simplified wave analysis, waves consist of 3 parts (A-B-C). The last uncomplete wave is the subject to be analyzed. The solid colored background represents the structure which has been already formed. The dotted lines show expected price moves.
Importantly
The wave algorithm does not take into account how much time a trading instrument makes a particular move!
