Large TF:
Throughout the past year, the main vector of movement of the major Swiss franc was upward. The wave completes a larger weekly wave construction, so the potential for further recovery is expected to be significant.
Small TF:
Since September, an upward wave zigzag develops. The last part (C) started on January 10th. The last 2 weeks in its framework formed an intermediate correction.
Forecast and recommendations:
The flat mood of the franc movement is nearing completion. There are no immediate reversal signals on the chart. The beginning of an active price increase is most likely after the release of news blocks. It is recommended to track the instrument purchase signals
Resistance zones:
- 1.0250 / 1.0300
- 1.0090 / 1.0140
Support areas:
- 0.9990 / 0.9940
Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, 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, the dotted - 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