FX.co ★ Simplified wave analysis and forecast for EUR/USD, USD/CHF, USD/CAD, GBP/JPY on June 21

EUR/USD

Analysis:

An upward momentum had been forming on the chart of the European currency since March last year. When the price reached the resistance zone of the higher TF, it provoked the formation of a complex correction. The descending section from May 25 exceeded the wave level of the intermediate pullback, changing the wave marking of the last months. This movement completes the entire shifting plane of July 31.

Forecast:

In the coming day, the bearish vector of movement is expected to continue. In the first half of the day, a short-term rise in the resistance area is not excluded. However, the resumption of the downward movement is more likely by the end of the day. The long-range support passes along the upper boundary of the preliminary target zone.

Potential reversal zones

Resistance:

- 1.1890/1.1920

Support:

- 1.1820/1.1790

- 1.1720/1.1690

Recommendations:

Until the end of the current wave, buying the euro is very risky and not recommended. However, short-term sales from the resistance zone with a reduced lot within the intraday are allowed.

USD/CHF

Analysis:

The active price rise of the last few days in the major pair of the Swiss franc has changed the short-term wave marking of the chart. As a result, this section forms the final part (C) of a more significant upward wave from January 6.

Forecast:

In the coming sessions, the upward movement vector is expected to continue. A short-term flat is possible in the first half of the day, with a pullback to the support area. The most significant activity is likely in the afternoon.

Potential reversal zones

Resistance:

- 0.9280/0.9310

Support:

- 0.9210/0.9180

Recommendations:

Until the current price rise is fully completed, there are no conditions for selling the pair. Short-term purchases from the support zone are recommended for individual trading sessions.

USD/CAD

Analysis:

On the chart of the major Canadian dollar, the price growth of the last three weeks fits into the algorithm of the upward correction of March 18. The wave forms the final part (C). The pair's quotes are approaching the lower limit of a strong potential reversal zone. There are no reversal signals on the chart.

Forecast:

In the coming day, the upward mood of the movement is expected to continue until its full completion. The probability of forming a reversal in the flat and the beginning of a price decline increases.

Potential reversal zones

Resistance:

- 1.2510/1.2540

Support:

- 1.2440/1.2410

Recommendations:

Today, trading the pair can only be safe within the intraday style, with a fractional lot. Until clear sell signals appear, purchases are recommended.

GBP/JPY

Analysis:

The active price decline that began last week on the pair's chart completes the hidden correction of the entire previous annual trend. Most of all, its structure resembles a shifting plane. Calculations indicate the level of long-range support as the upper limit of the preliminary target zone.

Forecast:

The pair's chart is expected to show a predominantly downward course of movement in the current day. Short-term pullbacks are not excluded, no further than the resistance zone. The nearest support is not able to delay the recent price decline for a long time.

Potential reversal zones

Resistance:

- 151.70/152.00

Support:

- 150.90/150.60

- 149.90/149.60

Recommendations:

Today, there will be no conditions for the pair's purchases. Sales from the resistance zone are recommended.

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!