USD/CHF review with current day forecast
The downward wave that dominated the majeure of the franc chart led the pair to the upper end of the strong potential reversal. The structure analysis and calculation of the target zone indicate the continuous formation of the current trend.
The flat area of the previous months formed a correction which is not yet completed as of now. The wave created some complicated form of the wrong kind. Last month, the middle part of the movement started to appear. Since August 29, the ascending zigzag has a high potential to become the starting point of the correctional model's tail end.
Today, the downward mood of the trend is expected to end. In the support zone, a reversal and change in the price movement vector are further expected. The rate increase is possible at the end of the day or tomorrow.
Boundaries of resistance zones:
- 0.9610 / 40
Boundaries of support zones:
- 0.9520 / 0.9490
Overview of AUD/JPY with the forecast for the current day
The analysis of the week-long chart of the cross pair, Australian dollar and the Japanese yen, shows a limited growth potential of the current corrective wave. The trend that `started in June last year is now close to completion. Above the local high of July is a wide zone of potential reversal that is reinforced by the resistance level on a large scale.
The last wave design on the hourly chart is descending which started since July 27. On August 11, the middle part (B), preceding the phase of active decline (C), is being processed in it.
In the next trading sessions, a downward rollback is expected within the framework of support area. A reversal could possibly be delayed until the end of the day. The starting point option of the active growth phase is already relevant in the American session, but we can not exclude the time shift of the following day.
Boundaries of resistance zones:
- 87.40 / 70
Boundaries of support zones:
- 86.70 / 40
Explanations to the figures: For simplified wave analysis, a simple waveform is used that combines 3 parts (A; B; C). Of these waves, all kinds of correction are composed mostly of the impulses. On each considered time frame, the last and incomplete wave is analyzed.
The areas marked in the graphs are indicated by the calculation areas in which the probability of change in the direction significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the formed structure, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of tool movements in time. The forecast is not a trading signal! To conduct a trade transaction you need confirmation signals used by your trading systems.