Large-scale graph:
On the daily scale of the franc chart, the last incomplete construction is ascending, starting from February last year. The final part (C) started in September.
Medium-scale graph:
The descending wave of November 13 corrects the first part (A) of the trend wave on the H4 scale. The wave has entered the final phase.
Small-scale graph:
On December 14, a new zigzag wave started in the direction of the bearish trend dominating in recent months. In recent days, a rollback was formed.
Forecast and recommendations:
The preliminary level of completion has passed, which indicates the continuation of the current wave. Until the reversal signals appear, the main focus of short-term trading transactions remains sales.
Resistance zones:
- 0.9950 / 1.0000
Support areas:
- 0.9760 / 0.9710
Explanations of the figures:
The simplified wave analysis uses waves consisting of 3 parts (A - B - C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure while the dotted shows the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
The material has been provided by InstaForex Company - www.instaforex.com