Monthly Wave Analysis for March, 2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY)

Analysis for March, 2013

EUR/USD

We may assume that the first part, wave [A], was completed in the form of a fast ascending impulse; a correction [B] was finished in the form of almost horizontal triple three. In this assumption is correct, then right now the price is forming the second ascending part, wave [C], which may take the form of an impulse or diagonal triangle.



The chart structure implies that the second part of an ascending zigzagz, wave [C] of z, may take the form of an impulse. If it’s true, then currently the price is forming a local descending correction (2) of [C], the form of which is not quite clear yet. In this case the pair is expected to make a reverse near the level of 1.25 without breaking the critical level of 1.2040 and continue growing up.



We may assume that the price is forming a descending correction (2) of [C], which may be followed by a new ascending wave (3) of [C].

GBP/USD

We can’t exclude a possibility that the price is forming divergent horizontal triangle[X] of x, a final wave of which, a descending zigzagA-B-C of (E) of [X] of x, probably hasn’t been completed yet.



The main scenario (but not the only one) implies that an ascending correction B of (E) is taking the form of zigzag. If the assumption is correct, then currently the pair is completing a correction [b] of B of (E), which may be followed by an ascending wave [c] of B of (E) towards the level of near 1.7 or a bit higher.



We may assume that a large descending correction [b] of B hasn’t been finished yet. If this assumption is correct, then the pair has to form a final zigzagv of (c) of [b] in order to complete it.

USD/CHF

We may assume that Swiss Franc finished a final zigzagz of (a), which means that the price has almost completed a global descending structure in the form of triple zigzag or a descending wedge(a).



One of the possible scenarios implies that the second part of zigzagz, wave [C] of z, is taking the form of a large descending diagonal triangle, which lacks a final wave (5) of [C] of z in order to be completed. At the same time, one should take into account that currency interventions on the part of Swiss National Bank may change chart structure a lot.



We may assume that the price completed a descending impulse A of (5) and started forming an ascending correction B of (5) which may be followed by a descending wave C of (5).

USD/JPY

The USD/JPY currency pair is making a significant descending movement, which may be either an impulse or double zigzag. In both cases, the patterns are almost completed, which means that the price may make a reverse to start a new ascending trend.



The main scenario implies that the price has almost finished a correction [4] ofV in the form of triple three. If this assumption is correct, the pair is expected to make a reverse downwards and start wave forming [5] of V without reaching the critical level.



We can’t exclude a possibility that the price is completing an ascending zigzag(Z) of [4] of a correction [4]. If the assumption is correct, after that the pair is expected to make a reverse and start moving downwards inside wave [5] of V.



 
RoboForex Analytical Department