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GBP/USD
Analysis:
The direction of price fluctuations of the British currency in the last month forms a downward wave. In a larger wave formation, this is an intermediate correction. The wave has the form of a plane. Its structure is not complete.
Forecast:
Today, the continuation of the flat mood of the pair between the nearest oncoming zones is likely. In the next session, you can expect a pullback of the price up. The change of the movement vector is expected by the end of the day.
Potential reversal zones
Resistance:
- 1.2870/1.2900
Support:
- 1.2800/1.2770
Recommendations:
Staying out of the pound market would be the best tactic today. Within the intraday, short-term transactions are possible, according to the expected sequence.
USD/JPY
Analysis:
The unfinished upward wave of the Japanese yen has been counting since the beginning of August. This section completes the structure in the larger wave model. The preliminary calculation of the target allows you to wait for the rise in the area of 2 figures. In recent days, the price rolls back down.
Forecast:
The current decline is expected to end today. The beginning of growth is likely by the end of the day. The reversal does not exclude the growth of volatility, with a short-term puncture of the lower border of support. The change of rate may coincide with the release of news from the United States.
Potential reversal zones
Resistance:
- 109.40/109.70
Support:
- 108.70/108.40
Recommendations:
Yen sales today carry a high degree of risk. In the area of the support zone, it is recommended to monitor the reversal signals to find the points of purchase of the pair.
USD/CHF
Analysis:
Since the end of June, quotes of the Swiss franc continued to form a stretched plane. In the last part from the beginning of last month, the price forms a correction. Its structure has reached the minimum necessary proportions. The price is near the upper border of the strong support zone of the senior TF.
Forecast:
Today, the pair is expected to continue to decline until its full completion. During the day, the formation of a reversal is likely. By the end of the day or tomorrow, you can expect the beginning of price growth.
Potential reversal zones
Resistance:
- 0.9940/0.9970
Support:
- 0.9880/0.9850
Recommendations:
Franc sales can be risky. They should reduce the lot and be ready to close the transaction at the first sign of a reversal. In the support area, it is recommended to monitor the signals of the instrument purchase.
Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted – the expected movement.
Attention: The wave algorithm does not take into account the length of time the tool moves!
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