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10.09.202109:55 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, USD/CAD on September 10

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.

Exchange Rates 10.09.2021 analysis

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.

Exchange Rates 10.09.2021 analysis

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.

Exchange Rates 10.09.2021 analysis

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.

Exchange Rates 10.09.2021 analysis

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!

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Isabel Clark,
Analytical expert of InstaSpot
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