FX.co ★ Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF on February 19

GBP/USD

Analysis:

There is a clear bullish trend on the chart of the British pound. Its wave level has already reached the level of the monthly TF. The price is within a strong reversal zone. There is a need for a counter correction in the structure, however, there are no signals of an imminent reversal on the small-scale charts yet.

Forecast:

In the current day, the upward movement vector will remain. A side flat is possible in the next session. A decline in the support area is not excluded. By the end of the day, we can expect an increase in volatility and a new attempt at growth.

Potential reversal zones

Resistance:

- 1.4070/1.4100

Support:

- 1.3950/1.3920

Recommendations:

Until clear reversal signals appear, selling the pound is not recommended. When calculating MM, it is worth considering the limited potential of the current rise.

USD/JPY

Analysis:

As part of the bearish trend dominating the Japanese yen chart, an upward correction has been formed since the beginning of this year. It has reached the lower limit of the potential reversal zone. Two days ago, a downward movement with a high wave level began to develop. This may be the beginning of a new downward wave.

Forecast:

In the first half of the day, the price is expected to move sideways. After a second rise to the calculated resistance at the end of the day, you can expect an increase in activity and a price decline to the support zone.

Potential reversal zones

Resistance:

- 105.80/106.10

Support:

- 105.10/104.80

Recommendations:

There are no conditions for purchases in the yen market. Until clear sell signals appear, it is optimal to refrain from entering the pair's market.

USD/CHF

Analysis:

The quotes of the Swiss franc major have been steadily moving to the "south" of the price chart over the past year. The unfinished wave in the direction of the trend started on February 5 and is nearing completion.

Forecast:

Today, the pair's market is expected to have a general sideways mood. In the first half of the day, there is a high probability of a short-term rise to the resistance zone. Then you should wait for the reversal and the price move down.

Potential reversal zones

Resistance:

- 0.8990/0.9020

Support:

- 0.8930/0.8900

Recommendations:

Transactions on the franc market today are possible only within the framework of individual trading sessions. Before the appearance of clear reversal signals, you should give priority to purchases.

Explanation: 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 line shows the expected movements.

Attention: The wave algorithm does not take into account the duration of the tool movements in time!