FX.co ★ Simplified wave analysis and forecast for GBP/USD and USD/CHF on November 11

GBP/USD

Analysis:

The Incomplete wave structure of the British pound from September 10 is directed to the north of the chart. Since October 21, the correction part of the movement is formed in the form of a stretched plane. The final part of the wave is missing. Quotes have reached the upper limit of a strong large-scale resistance zone.

Forecast:

In the next trading session, after pressure on the resistance zone, you can expect a change of direction and a further decline in the support area.

Potential reversal zones

Resistance:

- 1.3270/1.3300

Support:

- 1.3180/1.3150

Recommendations:

Trading in the pound market today can be very risky. The potential for purchases is exhausted. Conditions for sales have not yet been created. It is recommended to refrain from trading until clear reversal signals appear.

USD/CHF

Analysis:

The upward spurt at the beginning of this week put an end to the formation of a bearish wave. The rising wave that started on November 9 has a powerful reversal potential. Next, a correction is required. The price reached the intermediate resistance zone.

Forecast:

Today, the price is expected to move between the nearest counter zones, with a general flat nature. The beginning of the downward movement vector is likely in the second half of the day.

Potential reversal zones

Resistance:

- 0.9170/0.9200

Support:

- 0.9110/0.9080

Recommendations:

In the next 24 hours, trading on the Swiss franc market may be unprofitable. It is recommended to refrain from entering the market until the end of the upcoming correction and look for buy signals at the end of it.

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 the arrows shows the formed structure, and the dotted one shows the expected movements.

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