Large scale graphics:
On the daily scale of the major franc chart, the last wave is ascending. Its countdown began in February last year. The structure is fully completed the first 2 parts (A + B). In the last part, the preparation for the final price spurt is completed.
Medium scale graphics:
In the ascending wave of January 10 in the last week, the middle part of the structure (B) is being formed. The wave has the wrong kind of structure.
Small-scale graphics:
The bullish section of January 31 does not yet have a reversal potential. Before lifting, one should wait for repeated pressure on the support area.
Forecast and recommendations:
The price of the franc in the coming days will continue lateral movement between the nearest oncoming zones. In the area of settlement support, supporters of the inter-day trading style are advised to track long entry signals.
Resistance zones:
- 1.0030 / 1.0080
Support areas:
- 0.9910 / 0.9860
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. Each of them analyzes the last, incomplete wave. 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