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Review and forecast for USD / CHF
The direction of the price trend for the major currency Swiss franc since the end of October last year is set by a downward wave. An analysis of the structure shows its incompleteness. The quotations of the pair reached a wide support zone in the large scale. In the coming days, there is a high probability for the formation of a counter motion, which forms a correction in the current wave. As indicated in the structure of the upward movement that began last week, the price increase should not exceed the limits of the calculated resistance zone.
Since the end of last week, the price increase today and has high chances to continue. At the next session, the side flat is not excluded. The active phase of the motion of the pair is highly expected at the end of the day.
Boundaries of resistance zones:
- 0.9700 / 0.9730
Boundaries of support zones:
- 0.9610 / 0.9580
EUR / JPY outlook and outlook
The quotations of the cross euro/yen since April last year had continued its upward movement, according to the prevailing trend. The calculation of the preliminary target shows the closeness of the lower limit to the current price. Considering, the spread of the entire wave, the width of the probable completion zone is about 5 price figures. This will allow the current wave to keep the ascending rate for at least the next month.
The analysis of the flat section from September 22 allows us to expect for the completion of the hidden corrective wave. The bullish movement that began on January 10 has a reversal potential. Over the past week, the price has formed a corrective part (B).
Today, the projected scenario will be the flat tone with the descending trend of oscillations. After the full completion of the corrective decline, the price is waiting for a reversal and the beginning of growth.
Boundaries of resistance zones:
- 135.70 / 136.00
Boundaries of support zones:
- 134.90 / 60
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.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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