Simple wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, #USDX for April 19, 2021

GBP/USD

Analysis:

According to the chart, the upward trend on GBP/USD has been developing since March last year. A descending corrective plane has been forming from the lower boundary of a strong resistance zone since the end of February. Its structure looked complete at the moment of writing. During conducting the analysis, there were no reversal signals given.

Forecast:

Today, the price is expected to move in the corridor limited by the nearest zones. In the first half of the day, the upward trend is likely. The trend may end in the area of the resistance zone. In such a case, the price may reverse and go down.

Potential reversal zones

Resistance:

- 1.3920/1.3950

Support:

- 1.3810/1.3780

Recommendations:

Today, you can trade GBP/USD intraday. In the first half of the day, priority is given to long positions. When there is a reversal signal, you should enter short positions.

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USD/JPY

Analysis:

The uptrend has been the main trend on USD/JPY since the beginning of the year. The market has been in a correction since early March. The structure has a form of a stretched plane that is about to be completed.

Forecast:

The market has been flat for a few weeks. Today, the sideways trend is expected to extend. After pressure on the support zone, the price may briefly go up to the resistance zone. By the end of the day, the downward trend may resume.

Potential reversal zones

Resistance:

- 108.90/109.20

Support:

- 108.40/108.10

Recommendations:

Today, you may trade USD/JPY with a small lot. Until there is a clear reversal signal, you should consider entering short positions.

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USD/CHF

Analysis:

The bullish wave as of January 6 defines the short-term trend on USD/CHF. The market has been in a correction since March 9. The wave has a form of a stretched plane. The trend is about to end. There have been no reversal signals on the chart so far.

Forecast:

Today, the price is expected to move in the sideways corridor. During the European session, the upward trend is likely.

Potential reversal zones

Resistance:

- 0.9230/0.9260

Support:

- 0.9170/0.9140

Recommendations:

Trading USD/CHF can be successful only within separate sessions. You may enter long positions only when there are clear signals of the completion of the current wave.

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#USDX (US dollar index)

Analysis:

The price has been moving downward since last spring. The market has been in a correction since January 6. The wave does not look completed. The quotes have been going down since the end of March.

Forecast:

In the short term, a flat is possible on the USDX chart. A short-term upward trend, but not higher than the resistance zone, is likely after the price tries to go down. Then, the downward trend will expend.

Potential reversal zones

Resistance:

- 91.80/91.90

Support:

- 91.40/91.30

Recommendations:

Today, when trading, you should take into account the weaker US dollar. By the end of the day, there will be an opportunity to buy national currencies in major pairs. Your trading strategy should confirm that you can enter a trade.

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Note: In simple wave analysis, we review a three-wave pattern labeled A-B-C and analyze the last unfinished wave. Straight arrows show the formed wave structure, while dashed lines show the expected movements.

Warning: The wave pattern does not take into account the duration of the instrument's movements in time!

The material has been provided by InstaForex Company - www.instaforex.com

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