Estimated pivot point is at the level of 1.28.
Our opinion: Sell the pair from correction below the level of 1.28 with the target of 1.23.
Alternative scenario: Breakout and consolidation above of the level of 1.28 will enable the price to continue growth to the levels of 1.2840 – 1.29.
Analysis: Presumably, descending momentum in the third wave iii of 1 has completed. Locally, local correction as the fourth wave iv of 1 is being formed, within which a triangle (a)(b)(c)(d)(e) is likely to be formed. If this assumption is correct, after the completion of the local correction it makes sense to expect the other surge of decline up to the level of 1.23.
GBP/USD Wave analysis and forecast of 10.10 – 17.10: The pair is likely to decline.
Estimated pivot point is at the level of 1.6233.
Our opinion: Sell the pair from correction below the level of 1.6233 with the target of 1.59 – 1.55.
Alternative scenario: Breakout and consolidation above the level of 1.6233 will allow the price continue the rise up to the levels of 1.6520 – 1.66.
Analysis: Presumably, the formation of the ascending correction as the wave ii of 3 has completed. It is likely that the pair continues to decline in the third wave iii of 3. If this assumption is correct and the price does not break down the critical level of 1.6233 it makes sense to expect that the price will continue to decline to the level of 1.55.
USD/CHF Wave analysis and forecast of 10.10 – 17.10: Uptrend continues. Locally, the pair is undergoing correction.
Estimated pivot point is at the level of 0.9365.
Our opinion: Buy the pair from the correction above the level of 0.9365 with the target of 0.97 – 0.98.
Alternative scenario: Breakout and consolidation below of the level of 0.9365 will make the pair continue to decline to the levels of 0.9268.
Analysis: Presumably, the formation of the ascending momentum in the third wave of the senior level has completed. Locally it is likely that the “bearish” correction is being formed as the fourth wave. Within this wave either a triangle or a plane can develop. The targets of the correction are 24% - 0.9488 and 38% - 0.9367; the first one has been already reached by the price. If this assumption is correct, after the completion of the correction the pair will continue to grow up to the levels of 0.97 – 0.98 in the fifth wave of the supposed momentum.
USD/JPY Wave analysis and forecast of 07.10 – 17.10: Uptrend dominates. Correction is nearing completion.
Estimated pivot point is at the level of 107.40.
Our opinion: Buy the pair from correction above the level of 107.40 with the target of 110.00 – 111.00.
Alternative scenario: Breakout and consolidation of the price below the level of 107.40 will enable the pair to continue the decline to the level of 106.80.
Analysis: Presumably, the formation of the “bearish” correction as the fourth wave of the senior level 4 of (5), which has a shape of a plane (with slightly extended wave c of 4, within which a wedge is likely to be formed), is nearing completion. If this assumption is correct, it is expected that the pair will reverse and start to grow to the level of 111.0 in the final fifth wave 5 of (5).
USD/СAD Wave analysis and forecast of 10.10 – 17.10: Uptrend continues. The pair is likely to continue growth.
Estimated pivot point is at the level of 1.1070.
Our opinion: Buy the pair from the correction above the level of 1.1070 with the target of 1.13.
Alternative scenario: Breakout and consolidation of the price below the level of 1.1070 will enable the pair to continue the decline to the levels of 1.10 – 1.09.
Analysis: Presumably, the formation of the third wave iii of the senior level continues. In this wave the fifth wave of the junior level (v) of iii is being formed. If this assumption is correct and the price does not break down the critical level of 1.1070, it makes sense to expect that the pair will continue to grow to the level of 1.13 in the third wave.
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