31.03.202109:21 Forex Analysis & Reviews: Simple wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF for March 31, 2021

GBP/USD

Analysis:

According to the chart, a downward correction as of February 24 sets the direction of the short-term trend. The calculated support zone is located at the upper border of the price zone.

Forecast:

In the first half of the day, the upward trend is highly likely. By the end of the trading session, volatility is expected to increase, the trend is likely to reverse, and the price may go down to the support zone.

Potential reversal zones

Resistance:

- 1.3760/1.3790

Support:

- 1.3670/1.3640

Recommendations:

Today, you can trade GBP/USD intraday with smaller lot sizes. When the first reversal signal appears, you should close your long positions. Priority is given to short positions on GBP/USD.

USD/JPY

Analysis:

The upward wave that started at the beginning of the year determines the trend on USD/JPY. The formation of Wave C is almost completed. The quote is within a strong reversal zone and is approaching its upper border. There have been no reversal signals so far.

Forecast:

The price is likely to move in the sideways corridor during the trading session. At the end of the session, the pair is expected to break through the resistance zone.

Potential reversal zones

Resistance:

- 110.80/111.10

Support:

- 110.20/109.90

Recommendations:

You should avoid selling USD/JPY until a clear reversal signal occurs. Also, you should refrain from trading at the time of a pullback. You can look for points to enter long positions at the end of the pullback.

USD/CHF

Analysis:

The upward wave as of January 6 sets the trend on USD/CHF. Its wave level has not yet gone beyond the last section of the global bearish trend. The price has reached an intermediate resistance level. A pullback is likely.

Forecast:

Today, the pair is expected to move down in the sideways range. The borders of the daily range indicate the calculated zones. By the end of the day, or tomorrow, volatility is likely to increase and the main trend will resume.

Potential reversal zones

Resistance:

- 0.9440/0.9470

Support:

- 0.9380/0.9350

Recommendations:

You should not sell USD/CHF due to the bearish trend. You should refrain from trading during a pullback and look for buy signals when it ends.

Note: In simple wave analysis, we review a three-wave pattern labeled A-B-C and analyze the last unfinished wave. Straight arrows show the formed wave structure, while dashed lines show the expected movements.

Warning: The wave pattern does not take into account the duration of the instrument's movements in time!