FX.co ★ Simplified wave analysis and forecast for EUR/USD, USD/CHF, USD/CAD, GBP/JPY on June 15

EUR/USD

Analysis:

The upward wave that began on March 31 is at the end of the dominant bullish trend of the euro. Having reached the lower limit of the strong reversal zone, the price has been forming a horizontal correction plane for the past month. The upward reversal pattern from June 4 precedes the active price growth in the final part (C) of the wave.

Forecast:

In the next session, you can expect a second attempt to put pressure on the support zone. Closer to the end of the day, the probability of a reversal and the beginning of a price rise increases. A breakout of the nearest resistance zone is not excluded today.

Potential reversal zones

Resistance:

- 1.2300/1.2330

- 1.2170/1.2200

Support:

- 1.2100/1.2070

Recommendations:

There are no conditions for selling the European currency today. It is recommended to track the reversal signals for buying the pair in the area of the settlement support.

USD/CHF

Analysis:

The incomplete short-term wave pattern on the Swiss franc chart is descending from April 1. In its structure, a hidden correction (B) ended two weeks ago. Since June 3, the price has been forming a downward reversal pattern for a decline in the final part (C).

Forecast:

In the first half of the day, the price of the pair is expected to move sideways within the calculated resistance zone. At the end of the day, the probability of a reversal and a decline in the support area increases.

Potential reversal zones

Resistance:

- 0.8990/0.9020

Support:

- 0.8930/0.8900

Recommendations:

Today, there are no conditions for purchases in the Swiss franc major market. All attention should be paid to the search for signals of selling the pair in the area of the resistance zone.

USD/CAD

Analysis:

The direction of the price movement of the Canadian dollar since April 21 is set by a downward wave. Within the wave since the beginning of May, a correction was formed in the form of a horizontal plane. Its structure now looks complete. The downward section from June 11 has a reversal potential.

Forecast:

Today, the price is expected to move in the corridor between the nearest counter zones. In the first half of the day, short-term growth is not excluded, not further than the resistance zone. The resumption of the decline is likely at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.2170/1.2200

Support:

- 1.2100/1.2070

Recommendations:

Today, trading on the pair market is risky and can lead to losses. It is recommended to refrain from entering the market until clear sell signals appear.

GBP/JPY

Analysis:

The dominant bullish momentum led the pair's quotes to the area of a strong resistance zone of a large TF. Since May 27, a price movement with a strong reversal potential has started down from it. In the last two weeks before a new round of price decline, the price in the flat forms an intermediate correction.

Forecast:

The price rally is expected to end in the next session. At the end of the day, you can expect the formation of a reversal and the price to move down. A break of the lower limit of support is possible today, but unlikely.

Potential reversal zones

Resistance:

- 155.60/155.90

Support:

- 154.50/154.20

Recommendations:

No conditions have been created for purchases on the pair's market. In the area of the calculated resistance, it is recommended to track the signals for selling the pair.

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!