02.06.202009:34 Forex Analysis & Reviews: Simplified wave analysis and forecast of GBP/USD, USD/JPY, and USD/CHF on June 2

GBP/USD

Analysis:

The downward wave of the British pound from April 30 completes the correction of a wave of a larger scale. In its structure, the middle part (B) is nearing completion and the price has reached the lower border of a strong potential reversal zone.

Forecast:

In the next trading sessions, the recovery is expected to complete, the formation of a reversal, and the beginning of a price decline. A breakthrough in the lower border of the support zone is unlikely today.

Potential reversal zones

Resistance:

- 1.2510/1.2540

Support:

- 1.2430/1.2400

Recommendations:

Today, purchases of the pound in the market can be unprofitable. After clear signals of exchange rate change appear, it will be possible to open short-term sales with a reduced lot.

USD/JPY

Analysis:

A large-scale upward trend has been forming on the Japanese yen market since March 9. Its last section started on May 6. It completed the formation of the first parts (A-B). The bullish movement from May 29 has a reversal potential. In the last 2 days, an intermediate pullback develops.

Forecast:

The pair's movement is expected today in a narrow corridor between the nearest oncoming zones. After trying to pressure the resistance zone, it is likely to decrease to the support area. After that, you can wait for repeated attempts to break through the resistance zone.

Potential reversal zones

Resistance:

- 107.90/108.20

Support:

- 107.40/107.10

Recommendations:

Today, it is safest to refrain from trading the yen until the end of the downward movement. According to the expected sequence, trading transactions are only possible within the intra-session style with a reduced lot.

USD/CHF

Analysis:

The quotes of the Swiss franc since March 9 form a powerful upward wave. Since April, the price in the flat forms a flat correction in the form of a converging triangle. The wave has entered its final phase.

Forecast:

Today, the general downward movement is possible to continue. At the European session, a short-term rise in the area of the resistance zone is not excluded. The active phase of decline is expected by the end of the day.

Potential reversal zones

Resistance:

- 0.9640/0.9670

Support:

- 0.9570/0.9540

Recommendations:

Purchases of the franc today are possible in the next session in small lots. In the area of the resistance zone, it is recommended to track the instrument's sell signals.

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 arrows shows the formed structure, and the dotted ones show the expected movements.

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