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GBP/USD
Analysis:
The direction of the short-term trend on the pound chart is set by the upward wave from March 18. Its current wave level allows you to count all the movement up to the daily scale of the chart. Since March 27, the price forms a correction in the form of a flat pennant. The structure lacks the final part.
Forecast:
Given the incompleteness of the correction wave, a break down the current flat corridor is likely in the second half of the day. A temporary reference point can be the exit of a news block from the United States. Then we expect a change of course and the beginning of an intensive price rise. A break in the calculated resistance may occur today.
Potential reversal zones
Resistance:
- 1.2420/1.2450
Support:
- 1.2330/1.2300
- 1.2210/1.2180
Recommendations:
It is optimal for the pound market today to refrain from selling until the correction is completed. Next, you should search for entry points to long trades. Intraday supporters can make short-term sales with a reduced lot. At the same time, you should take into account the high probability of a sharp change of rate.
USD/JPY
Analysis:
The last incomplete wave on a short-term scale has been reporting since March 9. In its structure, the average correction part (B) is formed in the last 2 weeks. At the time of analysis, the wave is not complete.
Forecast:
In the coming day, the price of the pair is expected to move downward. In the first half of the day, a short-term pullback up is possible, no further than the calculated resistance. The support zone shows the upper limit of the pre-target zone.
Potential reversal zones
Resistance:
- 107.30/107.60
Support:
- 106.30/106.00
Recommendations:
Purchases of the pair today are unpromising. We recommend selling the instrument, with the transaction being fixed in the area of settlement support.
USD/CHF
Analysis:
The upward wave of the Swiss franc from March 9 forms a new trend on the four-hour chart scale. In its structure, the first 2 parts (A-B) have been completed. On March 30, the final part of the wave (C) started. Since yesterday, it has been forming a downward pullback.
Forecast:
In the next trading session, the overall upward mood of the pair's movement is expected. In the first half of the day, a short-term decline is possible, no further than the support zone.
Potential reversal zones
Resistance:
- 0.9730/0.9760
Support:
- 0.9640/0.9610
Recommendations:
Selling the franc today can be risky. In the area of the support zone, it is recommended to track the reversal signal to find points of purchase of the pair.
Explanation: 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 one shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
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