Our opinion: In the short-term: sell the pair from correction below the level of 1.1380 with the target of 1.10. In the medium-term: wait for the completion of the correction and buy the pair with the targets of 1.17 – 1.20.
Alternative scenario: Breakout and consolidation of the price above the level of 1.1380 will enable the pair to continue to rise up to1.17.
Analysis: The formation of the correction as the wave 2 of the senior level continues and within it the wave c of 2 is being developed. Locally it is likely that the “bearish” impetus is being developed, within which the third wave (iii) has completed. If this assumption is correct, after the completion of the local correction (iv), the pair will continue to decline to the levels of 1.1050 – 1.10. Critical level for this scenario is 1.1380.
GBP/USD Wave analysis and forecast for 23.10 – 30.10: Uptrend continues.
Estimated pivot point is at a level of 1.5100.
Our opinion: Buy the pair from correction above the level 1.5100 with the target of 1.56 – 1.58.
Alternative scenario: Breakout and consolidation of the price below the level of 1.5100 will enable the pair to continue to decline to 1.50.
Analysis: Presumably, the formation of first wave (i) continues in the expected upward impetus in the wave С of 2 of the senior level. Locally, it seems that the correction in the wave iv of (i) has completed, and if this assumption is correct, the pair will continue to rise up to 1.5580 – 1.5640 in the fifth wave v of (i). After that a deeper correction is possible as the wave (ii). Critical level for this scenario is 1.51.
USD/CHF Wave analysis and forecast for 23.10 – 30.10: The pair is likely to decline.
Estimated pivot point is at a level of 0.9840.
Our opinion: Sell the pair below the level of 0.9840 with the target of 0.9245. In case of breakdown of the level of 0.9840, buy with the target of 1.0130.
Alternative scenario: Breakout and consolidation of the price above the level of 0.9840 will enable the pair to rise up to 1.0 – 1.0130.
Analysis: Presupposed earlier scenario of the formation of the wave C within the second wave 2 of the senior level is still possible. Locally, it is likely that the third wave of the junior level (iii) is being developed, within which the “bullish” correction as the wave ii of (iii) is nearing completion. If this assumption is correct and the price does not break down critical level of 0.9840, the pair will continue to decline to the level of 0.9245.
USD/JPY Wave analysis and forecast for 23.10 – 30.10: Growth in the pair will resume.
Estimated pivot point is at a level of 118.00.
Our opinion: Buy the pair from correction above the level of 118.00 with the target of 123.25.
Alternative scenario: Breakout and consolidation of the price below the level of 118.00 will allow the pair to decline to 116.00 – 115.00.
Analysis: Presumably, the formation of the large “bearish” correction as the fourth wave (4) continues. Currently, it is likely that the wave B is being formed, within which the wave c of B of (4) of the junior level is being developed. If this assumption is correct and the price does not break down the critical level of 118.00, the pair can continue to rise up to the level of 123.25.
USD/СAD Wave analysis and forecast for 23.10 – 30.10: The pair is likely to decline.
Estimated pivot point is at a level of 1.3460.
Our opinion: Sell the pair from correction below the level of 1.3460 with the target of 1.2685.
Alternative scenario: Breakout and consolidation of the price above the level of 1.3460 will enable the pair to continue to rise to the level of 1.3650.
Analysis: The formation of the large “bearish” correction, as the fourth wave (4), continues. At the moment it is assumed that the wave А of (4) is being formed as a zigzag, and it seems that correction is being developed within it, as the wave b. If this assumption is correct, after the completion of the correction the pair will continue to decline to the level of 1.2685 within the wave c of A. Critical level for this scenario is 1.3460. Breakdown of this level will trigger the rise in the pair up to 1.36 – 1.37.
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