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Quotations of the main pair of the Swiss franc from the beginning of May are within the wide reversal zone. The trendsetting downward wave, from December 15 last year, has now exhausted its potential. In case of continuation of the descending direction of movement, an adjusting wave must be worked out. This will make it possible to continue the trend further at a higher wave level.
In place of the reversal construction, an ascending wave is leading from the end of June. The structure of the wave has an irregular form. With this configuration, before the start of a price increase, the probability of updating the local level from June 30 is high.
In the forthcoming trading sessions there is a high probability of a decline. In the next few hours, a short-term price rebound is possible in the area of the resistance zone.
Boundaries of resistance zones:
- 0.9630 / 60
Support zone boundaries:
- 0.9550 / 20
Explanations to the figures: For simplified wave analysis, a simple type of wave is used that combines 3 parts (A; B; C). Of such waves, all kinds of correction are composed and most of the impulses. On each considered time-frame the last, incomplete wave is analyzed.
The zones marked on the graph are indicated by the calculation areas in which the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a transaction, you need to confirm the signals used by your trading systems.
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