best forex brokers – forex wave analysis and forecast for 22.01 – 29.01.2016

Estimated pivot point is at the level of 1.0710.

Our opinion: Buy the pair from correction above the level of 1.0710 with the target of 1.1150 – 1.1250.

Alternative scenario: Breakout and consolidation of the price below the level of 1.0710 will allow the pair to continue decline to 1.0630.

Analysis: Presumably, the formation of the third wave 3 of the senior level continues. Locally, it seems that the correction as the wave (ii) of iii is nearing completion. If this assumption is correct, in the near future the pair will continue to grow to the levels of 1.1150 – 1.1250 in the third wave (iii). Critical level for this scenario is 1.0710. Breakdown of this level will trigger the decline in the pair to 1.0630.

GBP/USD: Wave analysis and forecast for 22.01 – 29.01: The pair is undergoing correction; the decline in the pair is possible.

Estimated pivot point is at the level of 1.4396.

Our opinion: Sell the pair from correction below the level of 1.4396 with the target of 1.3950 – 1.3750.

Alternative scenario: Breakout and consolidation of the price above the level of 1.4396 will enable the pair to continue the rise to the level of 1.4935.

Analysis: The formation of the downtrend continues in the third wave of the senior level iii of 3. At the moment, it seems that the extension in the third wave (iii) of the junior level is being formed. If this assumption is correct, the pair will continue to decline to the levels of 1.3950 – 1.3750. Critical level for this scenario is 1.4396. Breakdown of this level will allow the pair to go up to 1.4935.

USD/CHF: Wave analysis and forecast for 22.01 – 29.01: The pair is undergoing correction; a chance of decline in the pair remains.

Estimated pivot point is at the level of 1.0323.

Our opinion: Sell the pair from correction below the level of 1.0323, or on the breakdown of the level of 0.9987 with the target of 0.9470.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0322, will allow the pair to continue the rise up to the levels of 1.04 – 1.05.

Analysis: Presumably, upward correction as the wave ii of С continues to develop. Within this wave a double zigzag (w)(x)(y) is being formed. Locally, it seems that the formation of the second zigzag (y) is nearing completion and it is likely that within it a wedge is being develop as a wave c of (y). If this assumption is correct, after the completion of the correction the pair will continue to decline to the level of 0.95 in the third wave.

USD/JPY: Wave analysis and forecast for 22.01 – 29.01: Downtrend continues.

Estimated pivot point is at the level of 118.77.

Our opinion: Sell the pair from correction below the level of 118.77 with the target of 115.00.

Alternative scenario: Breakout and consolidation of the price above the level 118.7742 will enable the pair to continue the rise up to the levels of 119.70 – 120.00.

Analysis: The formation of the wave С of 4 of the senior level continues. The impetus seems to develop in this wave. At the moment, the formation of the third wave iii of C seems to complete, while the local correction as the fourth wave iv of C is developing. If this assumption is correct, after its completion the pair will continue to decline to 115.00 in the fifth wave.

USD/СAD: Wave analysis and forecast for 22.01 – 29.01: The decline in the pair as part of the correction is expected.

Estimated pivot point is at the level of 1.4683.

Our opinion: Sell the pair from correction below the level of 1.4683 with the target of 1.38. In case of breakdown of the level of 1.4683, buy with the target of 1.49.

Alternative scenario: Breakout and consolidation of the price above the level of 1.4683 will enable the pair to continue the rise up to the level of 1.49.

Analysis: The formation of the upward momentum in the fifth wave of the senior level 5 of (3) has completed. Locally, it is likely that the “bearish” correction is being developed, within which the one-two impetus seems to develop in the wave (a). If this assumption is correct and the price does not break down the critical level of 1.4683, the pair can continue to decline to 1.38.