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Large-scale graphics:
On the chart of the major franc, the uptrend that started in February last year continues. In the emerging wave, the first 2 parts (A-B) are completed. Since September, the final part (C) has been tested.
Medium scale graphics:
The bearish wave from mid-November was a correction in a larger wave structure. The wave structure looks complete. The upper limit of the large-scale support zone has been reached, but the reversal signals on the graph have not yet been formed.
Small-scale graphics:
The ascending segment, which began on January 10, has enough potential for reversal. After the completion of the first part (A) of the wave, a price pullback (B) will follow.
Forecast and recommendations:
There remains a high probability that the wave of decline and change in the course of the short-term trend will end. After the upcoming price reduction, it is recommended to focus on the pair buy signals.
Resistance zones:
- 0.9900 / 0.9950
Support areas:
- 0.9760 / 0.9710
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. Each of them analyzes the last, incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Attention: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
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