Stay 
Trading Conditions
Products
Tools
GBP/USD
Analysis:
The main course of the pound's price movement in the coming weeks will be directed downwards. The bearish wave corrects the section of the previous trend rise and the average part (B) was formed in the wave structure during the past month. The construction is close to completion.
Forecast:
Today, the price movement is expected to be flat with a general downward vector. In the next session, a short-term rise in the resistance area is possible. By the end of the day, there may be an increase in volatility and a decline in the rate of the pair.
Potential reversal zones
Resistance:
- 1.3080/1.3110
Support:
- 1.3010/1.2980
Recommendations:
Trading in the market of the pound today is appropriate for the trading style. Purchases are riskier, and it is more reasonable to reduce the lot in them. Sell signals should be tracked when the price reaches the resistance zone.
USD/JPY
Analysis:
The direction of the yen's movement since August is set by an upward wave. The wave is not complete and the price has reached a strong resistance on a large scale, from which it has been rolling down in the last 2 weeks. The quotes are close to the upper limit of the preliminary target zone.
Forecast:
In the first half of the day, an attempt to put pressure on the potential zone of completion of the decline is expected. Further, the probability of a reversal and movement of the pair to the area of calculated resistance is high.
Potential reversal zones
Resistance:
- 109.40/109.70
Support:
- 108.70/108.40
Recommendations:
Yen sales today are high-risk and can be unprofitable. The best tactic is to refrain from trading until clear signals are generated to buy the instrument.
USD/CHF
Analysis:
Since April last year, a downward wave zigzag has been developing on the Swiss franc chart. The final part (C) started at the end of November and quotes by the end of the year have reached strong support, from which the price is adjusted in the lateral plane.
Forecast:
The price movement in the sideways price corridor will continue today but with a downward vector. In the European session, there may be pressure on the resistance zone and a short-term puncture of its upper border is not excluded. The decline is expected to start at the end of the day.
Potential reversal zones
Resistance:
- 0.9710/0.9740
Support:
- 0.9640/0.9610
Recommendations:
Purchases of the franc today are hopeless. We recommend tracking reversal signals to find entry points for short positions.
Explanations: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure and the dotted background shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool's movements in time!
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
