Large TF:
Since February of last year, the quotations of the major Swiss franc form an upward wave model. The structure of the wave enters the final phase.
Small TF:
Since January 10, the chart traces a distinct ascending zigzag. The final leg counts from the end of last month. Before further rise expected a corrective pullback.
Forecast and recommendations:
In the coming weeks, the growth phase of the pair is expected, i.e. weakening of the franc relative to the North American currency. The upcoming decrease in traders can use to enter or enhance purchases of pairs in the most favorable conditions.
Resistance zones:
- 1.0250 / 1.0300
Support areas:
- 1.0060 / 1.0010
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
The material has been provided by InstaForex Company - www.instaforex.com