16.04.202010:57 Forex Analysis & Reviews: Simplified wave analysis of GBP/USD, USD/JPY, and USD/CHF on April 16

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GBP/USD

Analysis:

The price of the British pound has been forming an upward trend since March 18. The scale of movement now exceeds the scale of H4. From the intermediate resistance yesterday, the price rolled back down. As a result, the chart ended with a hidden correction in the final part (C) of the main wave. Since yesterday evening, a reversal structure is formed upward.

Forecast:

In the next trading sessions, it is expected to complete the decline, turn around and start the price increase. If the nearest resistance is broken, the next zone can be reached today.

Potential reversal zones

Resistance:

- 1.2630/1.2660

- 1.2520/1.2550

Support:

- 1.2450/1.2420

Recommendations:

Sales of the pound today are unpromising. It is recommended to track reversal signals for entering long positions in the support zone.

USD/JPY

Analysis:

The wave level of the upward wave that started on March 9 on the Japanese yen chart refers to the scale of the daily timeframe.

The correction (B) that started at the end of March should correspond to the scale of the first part (A). It develops in the form of a downward pennant.

Forecast:

Analysis of the structure shows its incompleteness. Today, the general downward mood of the movement is expected. A breakout of the nearest support zone is possible today.

Potential reversal zones

Resistance:

- 108.10/108.40

Support:

- 107.40/107.10

Recommendations:

Buying yen today is very risky. We recommend that you focus on finding locations for points of sale.

USD/CHF

Analysis:

The direction of the major trend since March 9 is aimed at weakening the Swiss franc against the US dollar. The price is adjusted in the last 3 weeks. Its structure lacks the final part. The price is located near the lower border of a strong resistance zone.

Forecast:

In the coming day, the general downward mood of the movement is expected. If the nearest support breaks through, the target area will be the next support zone.

Potential reversal zones

Resistance:

- 0.9670/0.9700

Support:

- 0.9600/0.9570

- 0.9500/0.9470

Recommendations:

Purchases before the appearance of reversal signals are unpromising. Sales on the pair's market today are possible within the intraday trading style.

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!

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