03.01.201807:14 Forex Analysis & Reviews: Trade review for January 2 on simplified wave analysis

Revisione a lungo termine

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Review and forecast for USD / CHF

On a weekly scale of the Swiss currency major, the price formed a wide lateral flattened corridor. Trends within this channel are set by less large price waves. The last unfinished wave design has been counting since September of last year.

During the last 2 months, the price of the pair is corrected, forming a descending zigzag. At the time of analysis, the correction structure reached its completion. The price is within the boundaries of the potential reversal section of the chart.

In the coming trading sessions, the bearish section of the wave is expected to end. A short break in the lower boundary of the support zone is not ruled out, but the chance is not great. By the end of the day, the probability of an upward movement in the pair's rate will increase.

The boundaries of the resistance zones:

- 0.9790 / 0.9820

The boundaries of the support zones:

- 0.9730 / 0.9700

Review and forecast for GBP / JPY

A wave analysis of the daily scale of the British pound cross plot against the Japanese yen shows the limited growth potential of the current wave since October 2016. Its structure is completed, the preliminary target zone is reached. Since September 21 of last year, a descending structure is formed on the chart, the wave level of which allows to unambiguously classify it as a reversal pattern.

Within the framework of the described model, the ascending segment, which takes the place of correction (B), is nearing completion. Next, you should wait for the turn and the beginning of an intensive price move down to the final part (C).

Today you can count on the completion of the current price increase in recent days. After the contact of the price with the resistance zone, you should wait for the direction change and the price move down. The lower limit of daily volatility is limited by the calculated support zone.

The boundaries of the resistance zones:

- 152.70 / 153.00

The boundaries of the support zones:

- 151.70 / 40

Explanations to the figures: For simplified wave analysis, the simplest type of wave is used in the form of a zigzag, combining 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. At each time frame, the last, incomplete wave is analyzed.

The areas marked on the graphs are indicated by the calculation areas, where the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.

Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.

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