21.11.201715:05 Forex Analysis & Reviews: Trade review for November 21 on simplified wave analysis

USD / CHF review with current day forecast

On the chart of the Swiss Franc pair, the trend rate proceeds to move forward because of the upward wave on August 29. The potential for recovery is still not yet exhausted. At the end of last month, the wave reached a powerful level of resistance where a downward rollback began. Analysis of the structure of this section of the wave shows the proximity of its completion. A small reserve of downward motion is caused by the impulsive nature of the main wave. After correction, the probability of raising its wave level is high with the transition to a larger scale of motion.

Over the next 24 hours, an upward vector of price movement is expected. The resistance zone most likely shows the end of the uptrend. In the morning, a short-term price reduction has not yet been ruled out.

Boundaries of resistance zones:

- 0.9960 / 90

Boundaries of support zones:

- 0.9910 / 0.9880

GBP / JPY outlook for the current day

At the end of the bullish wave in the GBP/JPY cross-currency pair, a downward wave is forming from the end of September that sets the main rate for the price movement since October last year. It was formed after contact with the lower boundary of the potential reversal zone. The wave level of motion exceeds the scale of the pullback, allowing to classify it as a reversal model. The wave forms a standard plane.

Today, the completion of yesterday's price increase is expected and the formation of a counter correction section is being formed. A change of direction should be expected within the boundaries of the resistance zone. The probability of a change in direction increases in the second half of the day. The volatility of the tool can greatly increase at this time. The lower boundary of the pair throughout the day is the support zone.

Furthermore, the movement is expected to return to the ascending course. The described sequence can stretch over time for several trading sessions.

Boundaries of resistance zones:

- 149.20 / 50

Boundaries of support zones:

- 148.40 / 10

Explanations to the figures:For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.

The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.

Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.