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28.10.202411:04 Forex Analysis & Reviews: Weekly Forecast for Simplified Wave Analysis of GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/CHF, and US Dollar Index on October 28th

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GBP/USD

Brief Analysis:

Since September 26, a downward corrective wave has been forming for the British pound. The wave structure is developing as an extended flat and appears complete. At the time of analysis, no reversal signals are observed, and the price is near the lower boundary of a strong potential reversal zone on the daily timeframe.

Weekly Forecast:

At the beginning of the upcoming week, the British pound is expected to complete its movement along the support zone. A reversal and price increase may follow, with the resistance zone marking the most likely upper boundary for the weekly price range.

Exchange Rates 28.10.2024 analysis

Potential Reversal Zones

  • Resistance: 1.3180/1.3230
  • Support: 1.2940/1.2890

Recommendations:

  • Buy trades: Possible with fractional positions upon reversal signals near support.
  • Sell trades: Lacking potential and may lead to losses.

AUD/USD

Brief Analysis:

An upward wave model has been forming for the Australian dollar since August 3. This month, a counter-correction has evolved as an extended flat and is now in its final phase.

Weekly Forecast:

The price is expected to move towards the upper boundary of the support zone early in the week. Price fluctuations may transition to a sideways trend, with a reversal and price increase more likely toward the weekend.

Exchange Rates 28.10.2024 analysis

Potential Reversal Zones

  • Resistance: 0.6680/0.6730
  • Support: 0.6560/0.6510

Recommendations:

  • Sell trades: Possible in intraday sessions with fractional positions.
  • Buy trades: Viable following reversal signals from your trading systems near support.

USD/CHF

Brief Analysis:

The incomplete bullish wave for the Swiss franc started in early August. Since mid-July, a corrective zigzag has been forming from a strong support level. The middle part of the wave structure is currently underway.

Weekly Forecast:

A continuation of the sideways movement is expected in the next couple of days. Increased volatility and a downward movement may follow, with an anticipated reversal and resumed upward movement after contacting the support zone. The weekly price is expected to reach the resistance zone high.

Exchange Rates 28.10.2024 analysis

Potential Reversal Zones

  • Resistance: 0.8790/0.8840
  • Support: 0.8540/0.8490

Recommendations:

  • Sell trades: Suitable in the coming days with fractional intraday positions.
  • Buy trades: Recommended upon reversal signals near the support zone.

EUR/JPY

Brief Analysis:

Since March, the euro-yen cross has been driven by an upward wave, with the most recent unfinished segment beginning on September 16. In the past two weeks, the price has reached a strong resistance zone and is nearing its upper edge. The current middle segment (B) remains incomplete.

Weekly Forecast:

In the coming days, a sideways movement along the resistance levels is expected. Closer to the weekend, volatility may increase, leading to a reversal and decline toward the support boundaries.

Exchange Rates 28.10.2024 analysis

Potential Reversal Zones

  • Resistance: 164.90/165.40
  • Support: 162.10/161.60

Recommendations:

  • Sell trades: Recommended after confirmed reversal signals in the resistance zone.
  • Buy trades: High-risk and potentially unprofitable.

EUR/CHF

Brief Analysis:

An upward wave has been forming for the EUR/CHF pair. A corrective wave structure began in mid-August but remains incomplete.

Weekly Forecast:

In the next few days, a sideways trend with a brief pullback toward the resistance zone is expected. The trend is likely to turn sideways with a reversal. A continued decline toward the support boundaries is likely by week's end.

Exchange Rates 28.10.2024 analysis

Potential Reversal Zones

  • Resistance: 0.9400/0.9450
  • Support: 0.9280/0.9230

Recommendations:

  • Buy trades: Low potential, advisable to minimize position size and close at the first reversal sign.
  • Sell trades: Appropriate after reversal signals appear in the resistance zone.

US Dollar Index

Brief Analysis:

The US Dollar Index continues to recover previously lost positions. Last week, prices fell from the lower boundary of a strong resistance zone, forming a corrective flat. The current level shows limited reversal potential, with the counter-movement staying within the recent trend correction.

Weekly Forecast:

A brief decline to support levels may occur early in the week, followed by resumed upward movement amid rising volatility, potentially reaching resistance boundaries.

Exchange Rates 28.10.2024 analysis

Potential Reversal Zones

  • Resistance: 104.50/106.00
  • Support: 103.60/103.10

Recommendations:

Confidence in sustained growth for major currency pairs may be premature. In the second half of the week, selling major currencies is likely preferable across all pairs.

Explanation: In simplified wave analysis, each wave consists of three parts (A-B-C), with the last unfinished wave analyzed on each timeframe. Dashed lines indicate anticipated movements.

Note: The wave algorithm does not account for the duration of instrument movements over time.

Isabel Clark
Analytical expert of InstaForex
© 2007-2024

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