FX.co ★ GBP/USD, USD/CHF, GOLD: simplified wave analysis and forecast on March 18

GBP/USD

Analysis:

The upward trend brought the British pound quotes to the area of a strong reversal zone. From February 24, the price is adjusted. In the structure of this wave, the middle part (B), which has the form of a plane, is nearing completion.

Forecast:

In the upcoming trading sessions, the upward course of the movement is expected to continue, until its full completion. This will be followed by the formation of a reversal and the beginning of a price decline. Calculated counter zones show the range of the expected daily course.

Potential reversal zones

Resistance:

- 1.4030/1.4060

Support:

- 1.3940/1.3910

Recommendations:

Buying the pound today is quite risky. It is recommended to refrain from entering the market until the end of the current price growth and look for signals to sell the pair in the area of the resistance zone.

USD/CHF

Analysis:

The dominant direction of the franc's movement since March last year is set by a downward wave. Since the beginning of January, the major price is adjusted up. The quotes reached the zone of the strong resistance of a large TF. Since March 9, the price has been rolling back down. This may be the beginning of a reversal pattern before changing the short-term trend.

Forecast:

A general downward movement vector is expected in the coming sessions. In the next session, a short-term rise is possible, no further than the boundaries of the calculated resistance. At the end of the day, the pair's volatility is likely to increase.

Potential reversal zones

Resistance:

- 0.9270/0.9300

Support:

- 0.9200/0.9170

Recommendations:

On the franc market today, short-term sales of a reduced lot are possible within the intraday. At the end of the current decline, it is recommended to track the signals for buying the pair.

GOLD

Analysis:

Gold prices have been forming a downward trend since August last year. Since the end of February, a correction is formed towards the main movement. Its structure has an irregular appearance and is close to completion. The calculated resistance zone is located in the area of a strong reversal level of a large scale.

Forecast:

On the next day, the price is expected to move in the side corridor between the opposite zones. In the European session, there is a high probability of a price decline. The ascending phase can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1760.0/1765.0

Support:

- 1725.0/1720.0

Recommendations:

Today, trading in gold is possible only in separate sessions, with fractional lots. Until the end of the entire current wave, priority is given to purchases.

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.

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