GBP/USD
Analysis:
The wave level of the dominant upward trend of the British pound since March last year exceeded the level of the daily scale of the chart. The price has reached the intermediate resistance zone. Oncoming traffic has been developing from it in the last two weeks. The ascending sections do not have sufficient potential for a reversal.
Forecast:
During the current day, the end of the ascending rate, the formation of a reversal, and the beginning of a decline are expected. The movement pattern is likely closer to flat. An activity can be expected towards the end of the day.
Potential reversal zones
Resistance:
- 1.3970/1.4000
Support:
- 1.3850/1.3820
Recommendations:
Until the end of the entire correction wave, purchases in the major market of the British pound are risky. It is recommended to track signals for selling the pair in the area of the resistance zone.
USD/JPY
Analysis:
The wave level of the ascending wave from January 6 exceeded the correction scale of the previous descending wave. This section in the larger wave structure of the daily TF of March 9 last year took the place of the final part (C). The quotes are approaching the lower border of a strong potential reversal zone.
Forecast:
In the coming sessions, the sideways movement of the price is expected to end, the exchange rate will change and the upward movement vector will continue.
Potential reversal zones
Resistance:
- 109.30/109.70
Support:
- 108.40/108.10
Recommendations:
There are no conditions for selling the yen in the major market. It is recommended to track buy signals in the area of settlement support.
EUR/JPY
Analysis:
The direction of the price movement of the euro/yen cross since May last year is set by the ascending wave algorithm. By now, the quotes have reached the potential reversal zone. On the hourly chart from February 25, a bearish structure with a reversal potential is formed.
Forecast:
Today, the price rise is expected to end, a reversal in the area of the resistance zone, and the price will move down. When changing the course, a short-term puncture of the upper limit of the resistance zone is not excluded.
Potential reversal zones
Resistance:
- 129.50/129.80
Support:
- 128.50/128.20
Recommendations:
Trading on the pair's market today is possible within the intraday with a fractional lot. Purchases of the pair are risky. It is recommended to monitor all emerging signals for selling the pair.
USD/CHF
Analysis:
On the chart of the Swiss franc, a counter wave has been developing within the dominant bearish wave since the beginning of this year. The price has reached the maximum elongation, above which its wave level will exceed the correction scale. The quotes are located in the area of the strong resistance of a large TF. There are no signals of an imminent change of course on the charts yet.
Forecast:
In the upcoming trading sessions, the most likely end of the pullback is in the area of settlement support. Then you can wait for a reversal and a second attempt to break through the resistance zone.
Potential reversal zones
Resistance:
- 0.9350/0.9380
Support:
- 0.9270/0.9240
Recommendations:
There are no conditions for selling the Swiss franc on the market today. It is recommended to look for instrument purchase signals in the support area.
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 line shows the expected movements.
Attention: The wave algorithm does not take into account the duration of the tool movements in time!
The material has been provided by InstaForex Company - www.instaforex.com