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08.04.202109:46 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, April 8

GBP/USD

Analysis:

The short-term trend of the pound sterling is set by the algorithm of the downward correction wave of February 24. The wave structure is nearing completion. The support area shows the upper limit of the preliminary target zone.

Forecast:

Today, the downward movement is expected to continue. In the European session, the pound sterling may appreciate with a short-term pressure on the resistance zone. The biggest trading activity is likely to happen at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.3770/1.3800

Support:

- 1.3670/1.3640

Recommendation:

Until the end of the entire current wave structure, opening long positions on GBP is risky. In the resistance area, it is recommended to monitor the signals for opening short positions on the pair.

Exchange Rates 08.04.2021 analysis

USD/JPY

Analysis:

Since the beginning of this year, the yen has been moving up, maintaining bullish momentum. In March, the pair reached the borders of a strong potential reversal zone. From this time on, a correction is formed on the chart. This wave has entered its final phase.

Forecast:

In the short term, the downward movement of the pair is expected to continue. In the European session, a short-term increase is possible but no further than the limits of resistance. By the end of the day or tomorrow, the pair may slide to the support zone.

Potential reversal zones

Resistance:

- 109.90/110.20

Support:

- 109.20/108.90

Recommendation:

The current decline is going against the trend of the yen, so short positions are possible only with small lots within separate sessions. It is recommended to refrain from trading in a period of decline. In the support area, it is recommended to monitor the reversal signals for opening long positions on the pair.

Exchange Rates 08.04.2021 analysis

USD/CHF

Analysis:

Since the beginning of this year, the movement of the Swiss franc is determined by an upward wave. The downward section from April 1 exceeded the level of the internal retracement. The improved marking of the wave structure shows the formation of a horizontal descending channel, starting from March 9.

Forecast:

Today, the most expected scenario for the Swiss franc will be sideways. The downward movement is likely to continue in the European session. In the resistance area, the pair may rebound to the upper border of the price channel.

Potential reversal zones

Resistance:

- 0.9320/0.9350

Support:

- 0.9250/0.9220

Recommendation:

Today, trading on the Swiss franc is possible within the intraday fractional lot. Purchases are recommended only after a clear reversal signal appears.

Exchange Rates 08.04.2021 analysis

Explanation: In simplified wave analysis, waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The arrows show the formed structure; the dotted line shows the expected movements.

Attention: The wave analysis does not take into account the duration of the movement of the instrument in time!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Isabel Clark,
Analytical expert
InstaForex Group © 2007-2021
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