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GBP/USD
Analysis:
On March 18, an upward wave started on the chart of the British pound, which will set the direction of the trend in the coming weeks. Starting March 27, the price is adjusted. The price rise that started yesterday has a high wave level and forms the beginning of a reversal structure.
Forecast:
Today in the morning, the pressure is expected in the support zone. A short-term break of its lower border is not excluded. Then you can expect a reversal, a change of course and the beginning of price growth. A breakout of the nearest resistance zone may occur today.
Potential reversal zones
Resistance:
- 1.2480/1.2510
- 1.2380/1.2410
Support:
- 1.2290/1.2260
Recommendations:
Sales of the pound today are unpromising. We recommend that you pay all your attention to finding the best entry points for long positions at the end of the current pullback.
USD/JPY
Analysis:
The direction of the short-term trend of the Japanese yen is set by the upward wave from March 9. The first parts (A-B) are formed in its structure. Since the beginning of April, the final part (C) has been developing. The price has reached an intermediate resistance, from which the price has rolled back down.
Forecast:
The current price decline is expected to end today. In the second half of the day, a reversal and the beginning of price growth is possible. A break in the lower border of the support zone is not excluded. The resistance zone shows the upper limit of the expected daily move of the pair.
Potential reversal zones
Resistance:
- 109.40/109.70
Support:
- 108.60/108.30
Recommendations:
Sales of the Japanese yen today are possible only in the short-term. In the area of settlement support, it is recommended to track reversal signals for the purchase of the instrument.
USD/CHF
Analysis:
On the Swiss franc chart, the upward wave from March 9 determined the direction of the short-term trend. Since the beginning of April, the structure forms the final part (C). In recent days, the price is adjusted. At the time of analysis, the correction wave is not complete.
Forecast:
In the next sessions, the general flat mood of the pair's movement is possible. The European session is expected to see the end of the rise, a reversal and the beginning of a decline. The expected swing is limited by support.
Potential reversal zones
Resistance:
- 0.9740/0.9770
Support:
- 0.9660/0.9630
Recommendations:
Today, the pair's intraday sales are relevant to the market. With optimal tactics, it is better to refrain from trading during the downward correction, with tracking buy signals 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 arrows shows the formed structure and the dotted one shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
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