FX.co ★ Weekly Forecast Based on Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/CHF, AUD/JPY, and Ethereum – November 9

GBP/USD

Analysis:

Since late January of this year, the short-term trend in the British pound has been determined by a bearish wave. This wave is corrective in nature and is developing in the form of a running flat. Within its structure, the final wave section (C) is approaching completion. The projected support level coincides with the upper boundary of a potential reversal zone on the weekly timeframe.

Forecast:

The beginning of the coming week is expected to be characterized by sideways trading. The British pound is likely to move within a sideways range with an upward bias, along the support zone. Subsequently, a change in direction and the beginning of a downward price movement are expected. The projected support level lies within a cluster of potential reversal zones of different scales.

Potential Reversal Zones

Resistance:

• 1.3400/1.3450

Support:

• 1.3210/1.3160

Trading Recommendations

Selling: Short positions may be considered with reduced position sizes during individual trading sessions once signals from the trading systems being used appear near the resistance zone.

Buying: Long positions are risky and have limited upward potential.

AUD/USD

Analysis:

Within the dominant bearish wave, the Australian dollar's major currency pair has been developing the final wave section (C) since early September. An intermediate correction in the form of an expanded flat was completed last week. The downward wave section that began on October 29 has reversal potential.

Forecast:

At the beginning of the coming week, the price is likely to move sideways. A brief upward correction is possible, but it is unlikely to extend beyond the projected resistance zone. Increased volatility and a resumption of the downward movement are expected closer to the weekend. The support zone indicates the lower boundary of the expected weekly trading range.

Potential Reversal Zones

Resistance:

• 0.6910/0.6960

Support:

• 0.6800/0.6750

Trading Recommendations

Buying: Long positions are risky. Due to their limited potential, there is a high risk of losses to the trading account.

Selling: Short positions may be considered once the relevant signals appear in the trading systems being used near the projected reversal zone.

USD/CHF

Analysis:

An analysis of the short-term Swiss franc chart shows that an upward wave has been developing since late April. The structure is taking the form of a running or expanded flat, with the final wave section (C) currently developing. The price is moving sideways along a cluster of potential reversal levels.

Forecast:

At the beginning of the coming week, the pair is expected to rise, potentially reaching the projected resistance level. Subsequently, price fluctuations may transition into a sideways range. This is likely to increase the probability of a reversal and a change in direction. A brief break above the upper boundary of the zone cannot be ruled out during the reversal. The highest market activity is expected in the second half of the week.

Potential Reversal Zones

Resistance:

• 0.8250/0.8300

Support:

• 0.8070/0.8020

Trading Recommendations

Buying: Long positions may be considered with reduced position sizes during intraday trading sessions.

Selling: Short positions may be considered once confirmed reversal signals appear near the resistance zone.

EUR/JPY

Analysis:

The unfinished wave structure on the euro/Japanese yen pair chart is bearish and has been developing since mid-April of this year. Within the final wave section (C), an intermediate correction in the form of a running flat has been developing over the past two months. Last week, the price approached the upper boundary of a broad potential reversal zone on a higher timeframe.

Forecast:

Over the next couple of days, the pair is likely to continue moving sideways with an upward bias. An immediate break above the upper boundary of the projected resistance zone is unlikely. By the end of the week, a reversal and a resumption of the downward movement are expected amid increased volatility. The projected support level indicates the lower boundary of the expected weekly trading range.

Potential Reversal Zones

Resistance:

• 178.00/178.50

Support:

• 174.50/174.00

Trading Recommendations

Selling: Short positions may become relevant once reversal signals appear in the trading systems being used near the resistance zone.

Buying: Long positions may be considered with reduced position sizes during individual trading sessions.

EUR/CHF

Brief Analysis:

In the short term, the price movement of the euro/Swiss franc pair is determined by an upward wave structure that began on April 11. The wave is developing in the form of an expanded flat. At the time of analysis, the wave is in the final stage of its correction within the final wave section (C). No reversal signals are currently visible on the chart.

Forecast:

During the first few days of the coming week, sideways trading and an upward correction toward the resistance zone are expected. A reversal and a resumption of the downward movement are likely closer to the weekend. The change in direction, accompanied by increased volatility in the instrument, may coincide with the release of important economic data.

Potential Reversal Zones

Resistance:

• 0.9170/0.9220

Support:

• 0.9030/0.8980

Trading Recommendations

Buying: Long positions have no significant potential.

Selling: Short positions may be considered once confirmed reversal signals appear near the resistance zone.

AUD/JPY

Analysis:

The Australian dollar/Japanese yen pair chart has shown a downward price movement since March of this year. Within the larger wave structure, this section represents an opposing corrective wave in the form of an expanded flat. Its final wave section (C) is still missing. In recent weeks, the price has been moving sideways within a cluster of potential reversal zones across different timeframes.

Forecast:

Over the next few days, the most likely scenario is sideways trading along the boundaries of the resistance zone. An attempt to test the upper boundary of the zone cannot be ruled out. Subsequently, a change in direction and a decline in the pair are expected, potentially reaching the projected support area.

Potential Reversal Zones

Resistance:

• 108.90/109.40

Support:

• 107.00/106.50

Trading Recommendations

Selling: Short positions may become relevant once appropriate confirmed reversal signals appear near the resistance zone.

Buying: Long positions have no significant potential.

Ethereum

Analysis:

Since late August, the price fluctuations of Ethereum have been determined by a downward wave. The final wave section (C) began developing within this structure in October. The price has broken below intermediate support, which has now turned into resistance. Before the downward movement can continue, the price needs to consolidate at the current level.

Forecast:

Over the next couple of days, Ethereum is expected to trade sideways with an upward bias, potentially reaching the projected resistance level. Increased volatility, the formation of a reversal, and a resumption of the downward movement are expected in the second half of the week. The projected support level coincides with the lower boundary of the instrument's expected weekly trading range.

Potential Reversal Zones

Resistance:

• 2400.0/2500.0

Support:

• 1850.0/1750.0

Trading Recommendations:

Buying: Long positions have limited potential and may be considered with reduced position sizes during individual trading sessions.

Selling: Short positions may be considered once confirmed signals appear in the trading systems being used near the resistance zone.

Explanatory Notes: Under Simplified Wave Analysis (SWA), all waves consist of three sections (A-B-C). The most recent unfinished wave is analyzed on each timeframe. Expected price movements are indicated by dashed lines.

Important: The wave algorithm does not take into account the duration of price movements over time!