USD / CHF review with current day forecast
The USD / CHF pair forecast for the day shows the development of a correctional downward plane from the end of last year.
To continue the trend, it is necessary to increase the wave level itself of the wave while aiming for a hidden correction that ended last week. The flat segment of the price within the past 3 days prepares the conditions for changing the direction and continuation of the main course.
A short-term price hike is possible in the morning for today. A breakout in the upper boundary of the resistance zone cannot be ruled out yet but there is low chances to occur. The beginning of the decline of the tool is expected by the end of the day.
Boundaries of resistance zones:
- 0.9680 / 0.9710
Support zone boundaries:
- 0.9600 / 0.9570
Overview of AUD / JPY with the forecast for the current day
The scale in the daily chart of the cross pair of Australian dollar / Japanese yen since April 2013 demonstrates a bearish wave whereas this correction was countered for the whole past year.
In a detailed analysis, the flat fluctuations for the past three weeks marks the beginning of a downward reversal structure. A full completion will start a bearish wave on a bigger scale.
The lateral movement as an overall response is already expected for today. In the nearest trading session, the price will most likely increase to the barriers of the resistance zone. The second half of the day is expected to be more bearish.
Boundaries of resistance zones:
- 88.60 / 90
Support zone boundaries:
- 87.90 / 60
Explanations to the figures: For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All kinds of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last wave analyzed was incomplete.
The zones marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifies the structure has been formed while the dotted one means the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time.