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GBP/USD
Analysis:
On the British pound chart, an upward wave of a large TF has formed since July 20. After a decrease in the correction (B), the last part (C) develops for the entire past month. The final section is missing in its structure.
Forecast:
The bullish movement vector is expected to resume in the next day. A short-term pullback is not excluded in the first half of the day, not further than the support zone. An increase in the activity is likely by the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 1.3960/1.3990
- 1.3870/1.3900
Support:
- 1.3800/1.3770
Recommendations:
There are no conditions for the sale of the British pound today. It is recommended to track signals for buying a pair at the end of all counter pullbacks.
USD/JPY
Analysis:
On the market of the main pair of the Japanese yen, the trend direction is set by the bullish wave of January 6. Moreover, since the end of March, there has been a flat correction on the chart. At the time of analysis, it does not show completeness. Over the past month, the pair's exchange rate has been moving in a narrow price corridor.
Forecast:
In the current day, the continuation of the "sideways" is expected. In the next session, pressure on the support zone is likely. The probability of a vector change and a price rise to the resistance zone increases.
Potential reversal zones
Resistance:
- 110.20/110.50
Support:
- 109.60/109.30
Recommendations:
Trading on the yen market in a flat environment is riskier and can lead to losses. Today, short-term purchases from the support zone with a fractional lot are possible.
USD/CHF
Analysis:
A downward wave has been developing on the Swiss franc chart since mid-June. Most of all, its structure resembles a horizontal shifting plane. The structure lacks the final part.
Forecast:
Today, a general sideways course of price movement is expected, mainly with an upward vector. A breakthrough of the upper limit of the calculated resistance is unlikely.
Potential reversal zones
Resistance:
- 0.9220/0.9250
Support:
- 0.9160/0.9130
Recommendations:
Today, short-term purchases with a reduced lot from the settlement support zone are possible on the franc market. It is worth considering the limited potential of a price rise in the conditions of the current correction.
USD/CAD
Analysis:
Since mid-July, a downward wave model has been formed on the chart of the major pair of the Canadian dollar. By now, it most closely resembles a stretched plane. In the structure of the last part, an upward pullback is formed, which is close to completion.
Forecast:
In the upcoming trading sessions, the pair's price is likely to move in the horizontal plane, between the nearest counter zones. The most significant activity is expected in the US trading session. After the pressure on the resistance zone, you can prepare for the beginning of an active decline.
Potential reversal zones
Resistance:
- 1.2690/1.2720
Support:
- 1.2620/1.2590
Recommendations:
Today, there are no conditions for trading on the Canadian dollar market. It is recommended to refrain from entering the market until clear sell signals appear in the area of the resistance zone.
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 one shows the expected movements.
Attention: The wave algorithm does not consider the duration of the instrument's movements in time!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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