Estimated pivot point is at a level of 1.0987.
Our opinion: In the short-term: buy the pair from correction above the level of 1.0987 with the target of 1.12. In case of breakdown of the level of 1.0987, sell the pair with the target of 1.08 – 1.07.
Alternative scenario: Breakout of the level of 1.0987 and consolidation below this level will enable the decline in the pair to 1.08 – 1.07.
Analysis: The European currency continues to decline. It seems that the correction of the senior level within the wave 2 is being formed. Locally, it is possible that the zigzag in the first wave a of 2 has completed and the wave b of 2 is being formed to the level 1.12. If this assumption is correct after the completion of the correction the pair will continue to decline to the levels of 1.08 – 1.07.
GBP/USD Wave analysis and forecast of 10.07 – 17.07: Correction has completed. The pair is likely to grow.
Estimated pivot point is at a level of 1.5157.
Our opinion: Buy the pair above the level of 1.5157 with the target of 1.58 – 1.63.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.5157 will enable the pair to go down to 1.45.
Analysis: Presumably, the development of the wave С of 2 is still ongoing in the upward “bullish” correction of the senior level. At the moment the pair is undergoing correction within the wave ii of C, which seems is close to completion and has the shape of a zigzag (a)(b)(c). If this assumption is correct and the price does not break down the critical level of 1.5157, the pair can soon resume growth to the level of 1.63 in the third wave.
USD/CHF Wave analysis and forecast for 10.07 – 17.07: The pair is likely to decline within the correction.
Estimated pivot point is at a level of 0.9146.
Our opinion: In the short-term: sell the pair from correction below the level of 0.9518 with the target of 0.93. In the medium-term: wait for the completion of the correction and buy the pair above the level of 0.9146 with the target of 0.9840.
Alternative scenario: Breakout and consolidation of the price below the level of 0.9146 will trigger further decline in the pair to 0.90 – 0.88.
Analysis: Presumably, the formation of the third wave of the senior level 3continues; within this wave the one-two wedge (i) of iii of 3 has been formed and the development of the local correct (ii) of iii is expected. If this assumption is correct, after the completion of the correction the pair will continue to rise up to 0.9840. Critical level for this scenario is 0.9146.
USD/JPY Wave analysis and forecast of 10.07 – 17.07: Downtrend continues.
Estimated pivot point is at a level of 122.96.
Our opinion: Sell the pair from correction below the level of 122.96 with the target of 120.00 - 119.00. In case of breakdown of the level of 122.96 buy the pair with the target of 125.00 – 126.00.
Alternative scenario: Breakdown and consolidation of the price above the level of 122.96 will cause the rise in the pair up to 125.00 – 126.00.
Analysis: The formation of the third wave of the senior level continues on the four-hour timeframe. Locally, it seems that the third wave of the junior level is being formed (iii). If this assumption is correct and the price does not break down the critical level of 122.96, we can expect that the pair will continue to decline to the levels of 119.80 – 119.00.
USD/СAD Wave analysis and forecast of for 10.07 – 17.07: Uptrend continues.
Estimated pivot point is at a level of 1.2520.
Our opinion: Buy the pair from correction above the level of 1.2520 with the target of 1.29. If the level of 1.2520 is broken down, sell the pair with the target of 1.23 – 1.22.
Alternative scenario: Breakout and consolidation of the price below the level of 1.2520 will enable the pair to continue decline to 1.23 – 1.22.
Analysis: The formation of third wave of the senior level iii of 5 continues. Locally, it is likely that the “bullish” impetus has completed in the third wave of the junior level (iii) of iii, and the local correction as the wave (iv) of iii is being formed. If this assumption is correct, after the completion of the correction the pair will continue to rise up to 1.29. Critical level for this scenario is 1.2520. Break down of this level will allow the pair to continue decline to 1.23 – 1.22.
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