Dear colleagues.
The EUR/USD pair continues its upward movement after the expected breakdown at 1.1877. The GBP/USD pair continues its developing upward trend on the scale of H1 after the expected breakdown at 1.3261. The USD/CHF pair's price is still in correction from the upward structure. The USD/JPY pair follows the downward cycle from July 26. The price is in correction at the moment with the level 111.32 as the key support. The EUR/JPY pair is expected to move to the level of 131.62. According to the development of the upward structure of the GBP/JPY pair on July 24, a breakdown at 146.70 is expected.
The forecast for August 2:
Analytical review of currency pairs in the scale of H1:
For the EUR/USD pair, the key levels on the scale of H1 are: 1.1969, 1.1917, 1.1877, 1.1849, 1.1796, 1.1761 and 1.1705. Here, we continue to follow the development of the upward structure on July 26. The continuation of the upward movement of expected after the breakdown at 1.1849-1.1877. In this case, the target is 1.917. Near this level is the consolidation of the price. The potential value for the top is the level of 1.1969, which when reached is expected to move towards correction.
Short-term downward movement is possible in the area of 1.1796-1.1761. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.1705. This level is the key support for the upward structure on July 26.
The main trend is a local structure for the top of July 26.
Trading recommendations:
Buy: 1.1878 Take profit: 1.1915
Buy: 1.1918 Take profit: 1.1967
Sell: 1.1794 Take profit: 1.1762
Sell: 1.1759 Take profit: 1.1710
For the GBP/USD pair, the key levels on the scale of H1 are: 1.3363, 1.3317, 1.3261, 1.3230, 1.3187, 1.3155 and 1.3106. Here we continue to follow the upward cycle on July 20. Short-term upward movement is possible in the area of 1.3230 - 1.3261. The breakdown of the last value should be accompanied by a pronounced movement to the level of 1.3317. Near this level is where we expect consolidation. The potential value for the top is the level of 1.3363. From this level, we expect a pullback downwards.
Short-term downward movement is possible in the area of 1.3187 - 1.3155. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.3106. This level is the key support for the top.
The main trend is the upward cycle from July 20.
Trading recommendations:
Buy: 1.3230 Take profit: 1.3260
Buy: 1.3263 Take profit: 1.3315
Sell: 1.3185 Take profit: 1.3157
Sell: 1.3153 Take profit: 1.3108
For the USD/CHF pair, the key levels on the scale of H1 are: 0.9811, 0.9753, 0.9714, 0.9655, 0.9630 and 0.9595. Here we continue to follow the upward structure on July 21. Continued upward movement is expected after the breakdown at 0.9714. In this case, the target is 0.9753. Near this level is where we expect consolidation. The breakdown at the level of 0.9755 will allow us to count on the movement to the potential target at 0.9811. Upon reaching this level we expect a pullback downwards.
Short-term downward movement is possible in the area of 0.9655 - 0.9630. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9595. This level is the key support for the top.
The main trend is the upward structure of July 21.
Trading recommendations:
Buy: 0.9716 Take profit: 0.9750
Buy: 0.9755 Take profit: 0.9810
Sell: 0.9655 Take profit: 0.9633
Sell: 0.9628 Take profit: 0.9600
For the USD/JPY, the key levels on the H1 scale are: 111.32, 110.76, 109.74, 109.44 and 108.85. Here, we follow the development of the local downward structure on July 26. Short-term downward movement is possible in the area of 109.74 - 109.44. The breakdown of the last value will lead to a movement to the potential target at 108.85, from which we expect a rollback upward.
Short-term upward movement is possible in the area of 110.76 - 111.32. The breakdown of the last value will develop an upward structure. Here, the potential target is 112.18.
The main trend is the downward structure of July 26, the correction stage.
Trading recommendations:
Buy: 110.80 Take profit: 111.30
Buy: 111.34 Take profit: 112.15
Sell: 109.74 Take profit: 109.45
Sell: 109.42 Take profit: 108.90
For the CAD/USD pair, the key levels on the H1 scale levels are: 1.2775, 1.2643, 1.2559, 1.2460, 1.2388 and 1.2252. Here, we continue to follow the downward cycle from June 8. Short-term downward movement is expected in the range of 1.2460 - 1.2388. Hence, the probability of a turn in correction is high. Break at the level of 1.2385 will allow traders to count on the movement towards the maximum target at 1.2252.
Short-term upward movement is possible in the area of 1.2559 - 1.2643. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2775. Up to this level on the scale of H1, we expect the formation of pronounced initial conditions for the upward cycle.
The main trend is the downward cycle from June 8.
Trading recommendations:
Buy: 1.2560 Take profit: 1.2640
Buy: 1.2645 Take profit: 1.2773
Sell: 1.2460 Take profit: 1.2390
Sell: 1.2386 Take profit: 1.2255
For the AUD/USD pair, the key levels on the H1 scale are: 0.8201, 0.8150, 0.8116, 0.8066, 0.7970 0.7927 and 0.7872. Here, we are still following the local upward structure on July 26. Continued upward movement is expected after the breakdown at 0.8066. In this case, the target is 0.8116. In the area of 0.8116 - 0.8150 is the consolidation of the price. The potential value for the top is the level of 0.8201, from which we expect a pullback downwards.
Consolidated downward movement is expected in the area of 0.7970 - 0.7927. Hence, the probability of a reversal upwards is high. The breakdown at the level of 0.7927 will lead to the development of a downward structure. In this case, the first target is 0.7872.
The main trend is the local upward structure of July 26.
Trading recommendations:
Buy: 0.8068 Take profit: 0.8116
Buy: 0.8150 Take profit: 0.8200
Sell: 0.7925 Take profit: 0.7874
For the EUR/JPY pair, the key levels on the scale of H1 are: 132.40, 131.88. 131.62, 130.39, 129.71, 129.23 and 128.52. Here, we expect the movement to 131.62. In the area of 131.62 - 131.88 is the consolidation of the price. The potential value for the top is the level of 132.40, which when reached is expected to move towards correction.
We expect the correction to go down after the breakdown at 130.39. In this case, the target is 129.71. Short-term downward movement is possible in the area of 129.71 - 129.23. The breakdown of the latter value will lead to the development of a downward structure. Here, the target is 128.52.
The main trend is the upward structure of July 19.
Trading recommendations:
Buy: 130.80 Take profit: 131.60
Buy: 131.88 Take profit: 132.40
Sell: 130.37 Take profit: 129.74
Sell: 129.70 Take profit: 129.26
For the GBP/JPY pair, the key levels on the scale of H1 are: 148.76, 148.02, 147.61, 146.70, 145.78, 145.22 and 143.97. Here, we follow the development of the upward structure on July 24. Continued upward movement is expected after the breakdown at 146.70. In this case, the target is 147.61. In the area of 147.61 - 148.02 is the consolidation of the price. The potential value for the top is the level of 148.76 which when reached is expected to move towards correction.
Short-term downward movement is possible in the area of 147.78 - 145.22. The breakdown of the last value will lead to in-depth movement. Here, the goal is 143.97.
The main trend is the upward structure of July 24.
Trading recommendations:
Buy: 146.70 Take profit: 147.60
Buy: 148.04 Take profit: 148.74
Sell: 145.76 Take profit: 145.25
Sell: 145.20 Take profit: 144.00