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GBP/USD
The wave level of the upward wave that began on June 18 is sufficient for the formation of a correction of the entire section of the previous trend from May 3. The wave has reached the minimum possible elongation and is in the zone of a potential reversal. But the structure of the waves is not complete, it formed only the first 2 parts (A+B). Within the last section (C) since yesterday, the price forms an intermediate pullback.
Forecast:
In the first half of the day, the most likely nature of price movements will be "sideways". A downward vector is possible, but not beyond the support zone. Return to the upward rate is expected by the end of the day or tomorrow.
Recommendations:
Selling the pound today can be risky and is not recommended. At the end of the upcoming section of the decline, it is proposed to track the reversal signals to find the points of purchase of the pair.
Resistance zone:
- 1.2760 / 1.2790
Support zone:
- 1.2700 / 1.2670
USD/JPY
On the chart of the Japanese currency since the end of April, the bearish wave dominates. The last section is counting from June 17. The price has reached a strong support level.
Forecast:
At the next trading sessions, the formation of a counter-rollback is expected, within the final section of the trend. The probable scope of the daily rise limits the resistance zone.
Recommendations:
Yen sales today are not very promising. Traders trading within trading sessions can use short-term purchases of the pair with a limited lot. For longer trades, it is recommended to refrain from trading and look for sell signals at the end of the rollback.
Resistance zone:
- 107.50 / 107.80
Support zone:
- 106.90 / 106.60
USD/CHF
The bearish wave that began at the end of April reached its target zone. All parts are traced in the structure, their proportions are close to standard. The price is in the area of a potential large-scale reversal, but there are no reversal signals on the chart.
Forecast:
Today, there is a high probability of the formation of an upward flat structure, which can give rise to a reversal wave. The maximum possible range of daily travel is shown by the counter calculation zones.
Recommendations:
Until the reversal signals appear on the market, purchases of the pair of franc are unpromising. At the end of the upward movements, it is recommended to track the signals for the sale of the instrument.
Resistance zone:
- 0.9770 / 0.9800
Support zone:
- 0.9700 / 0.9670
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Note: The wave algorithm does not take into account the duration of tool movements over time.
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