FX.co ★ Simplified wave analysis and forecast for EUR/USD, USD/CHF, USD/CAD, GBP/JPY on July 1

EUR/USD

Analysis:

The price fluctuations of the major European currency over the past year fit into the algorithm of the downward correction wave. The wave structure has the form of a shifting plane and looks complete. The ascending wave of a small scale from June 18 has a reversal potential. The current price pullback from last week is close to completion.

Forecast:

Today, in the first half of the day, you can count on a flat mood of the price movement within the boundaries of the settlement support. By the end of the day, the probability of activation, a reversal of the exchange rate, and the beginning of price growth increase.

Potential reversal zones

Resistance:

- 1.1900/1.1930

Support:

- 1.1840/1.1810

Recommendations:

Sales of euros today may be unprofitable. It is recommended to monitor the emerging signals for the purchase of the instrument.

USD/CHF

Analysis:

On June 18, the horizontal correction wave ended on the Swiss franc major chart. From this time, a reversal wave structure is formed downwards. After its completion, the short-term trend of the pair will change direction to a downward one.

Forecast:

In the next trading sessions, we can expect a weakly descending movement vector. Pressure on the resistance zone is likely. At the end of the day or tomorrow, you can expect an increase in volatility, a change in the movement vector, and a downward price movement.

Potential reversal zones

Resistance:

- 0.9270/0.9300

Support:

- 0.9210/0.9180

Recommendations:

The growth potential of the pair is limited, so buying the franc can lead to losses. It is recommended to refrain from entering the pair's market until clear sell signals appear in the area of the resistance zone.

USD/CAD

Analysis:

Since the spring of last year, a trend has begun on the chart of the main pair of the "Canadian" to strengthen the positions of the national currency against the US dollar. The unfinished section of the main course started on June 21. Over the past week, the price has been rolling up on the chart, forming the correction part (B).

Forecast:

In the coming day, it is expected to complete the upward course of the movement, forming a reversal and the beginning of the price move down. The marked oncoming zones show the probable boundaries of the daily range of the course.

Potential reversal zones

Resistance:

- 1.2440/1.2470

Support:

- 1.2370/1.2340

Recommendations:

Trading on the pair's market today is possible only within the framework of individual trading sessions with a fractional lot. When buying, you should be careful. The main attention is recommended to be paid to the search for emerging signals for the sale of the instrument in the area of the calculated resistance zone.

GBP/JPY

Analysis:

On the pound/yen chart, the trend direction since the spring of last year is set by an upward momentum. The half-year unfinished section started on June 21. In the last two weeks, the price forms the corrective part of the movement (B).

Forecast:

In the coming day, the price is expected to move between the nearest counter zones. After attempting to put pressure on the resistance zone in the next session, you can expect a reversal and a decline to the support area.

Potential reversal zones

Resistance:

- 154.00/154.30

Support:

- 152.90/152.60

Recommendations:

Trading on the pair's market today is risky and can lead to losses. The optimal tactic is to refrain from transactions on the pair's market until the current wave is completed and buy signals appear in the support area.

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!