FX.co ★ Fractal analysis for major currency pairs as of August 10

Dear colleagues.

The EUR/USD pair continues to move downwards after the breakdown at 1.1716. We consider an upward movement as a correction. The GBP/USD pair continues to move downwards after the breakdown at 1.2960. We consider an upward movement as a correction. For the USD/CHF pair, the price forms a potential for a downward movement from August 8 which is a correction. For the USD/JPY pair, the continuation of the movement is expected after the breakdown at 128.77. For the GBP/JPY pair, we follow a downward cycle from August 2.

Forecast of August 10:

Analytical review of currency pairs in the H1 scale:

For the EUR/USD pair, the key levels on the H1 scale are: 1.1969, 1.1890, 1.1832, 1.1810, 1.1771, 1.1718, 1.1666, 1.1605 and 1.1561. Here, we continue to monitor the formation of a downward structure from August 3. Continued downward movement is expected after the breakdown at the level of 1.1715. In this case, the target is 1.1666. A breakdown at this level should be accompanied by a pronounced movement to the level of 1.1605. The potential value for the bottom is the level of 1.1561, which when reached is expected to move towards correction.

Correction is possible after the breakdown of 1.1771. In this case, the target is 1.1810. Short-term upward movement is expected in the corridor 1.1810 - 1.1832. The breakdown of the last value will lead to an upward structure. In this case, the target is 1.1890. This level is the key resistance for the top.

The main trend is the formation of a downward structure from August 3.

Trading recommendations:

Buy: 1.1771 Take profit: 1.1810

Buy: 1.1833 Take profit: 1.1890

Sell: 1.1715 Take profit: 1.1668

Sell: 1.1664 Take profit: 1.1607

For the GBP/USD pair, the key levels on the H1 scale are: 1.3157, 1.3106, 1.3074, 1.3029, 1.2960, 1.2905 and 1.2867. Here, we continue to follow the development of a downward structure from August 3. Continued downward movement is expected after the breakdown at 1.2960. In this case, the target is 1.2905. The potential value for the bottom is the level of 1.2867, which when reached is expected to consolidate in the area of 1.2867 - 1.2905.

Correction is possible after the breakdown at 1.3030. Here, the first target is 1.3074. Short-term upward movement is expected in the area of 1.3074 - 1.3106. The breakdown of the last value will lead to a formation of initial conditions for an upward cycle. Here, the target is 1.3155.

The main trend is a downward structure from August 3.

Trading recommendations:

Buy: 1.3030 Take profit: 1.3074

Buy: 1.3108 Take profit: 1.3155

Sell: 1.2958 Take profit: 1.2907

Sell: 1.2905 Take profit: 1.2870

For the pair USD/CHF, the key levels on the H1 scale are: 0.9914, 0.9845, 0.9811, 0.9753, 0.9714, 0.9655, 0.9630 and 0.9595. Here, the price is in correction from the ascending structure last July 21. Short-term upward movement is expected in the range of 0.9714 - 0.9753. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 0.9811 while consolidation is in the area of 0.9811 - 0.9845. The potential value for the upward trend is the level of 0.9814, which when reached is expected to rollback to correction.

Short-term downward movement is possible in the area of 0.9655 - 0.9630. The breakdown of the last value will lead to a formation of initial conditions for a downward cycle. In this case, the target is 0.9595.

The main trend is an upward structure from July 21, the correction stage.

Trading recommendations:

Buy: 0.9714 Take profit: 0.9751

Buy: 0.9755 Take profit: 0.9810

Sell: 0.9630 Take profit: 0.9595

For the USD/JPY pair, the key levels on the scale are: 111.32, 110.76, 109.74, 109.44 and 108.85. Here, we follow the development of a local downward structure from July 26. At the moment, the price is in correction. Short-term upward movement is possible in the area of 110.76 - 111.32. The breakdown of the last value will lead to a development of an upward structure. Here, the potential target is 112.18.

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 of 108.85, from which we expect a rollback upward.

The main trend is a downward structure from 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 are: 1.2912, 1.2838, 1.2803, 1.2743, 1.2700, 1.2615, 1.2573 and 1.2513. Here we follow an upward structure from July 27. Continued upward movement is expected after the breakdown at 1.2700. In this case, the target is 1.2743. Near this level is the consolidation of the price. A break of the level of 1.2745 should be accompanied by a pronounced movement to the top. Here, the target is 1.2803. In the area of 1.2803 - 1.2838 is the consolidation. The potential value for the top is the level of 1.2912, which when reached is expected to trigger a correction.

Short-term downward movement is possible in the area of 1.2615 - 1.2573. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.2513. This level is the key support for the top.

The main trend is an upward cycle from July 27.

Trading recommendations:

Buy: 1.2700 Take profit: 1.2740

Buy: 1.2745 Take profit: 1.2800

Sell: 1.2612 Take profit: 1.2575

Sell: 1.2570 Take profit: 1.2515

For the AUD/USD pair, the key levels on the H1 scale are: 0.8001, 0.7970, 0.7920, 0.7838, 0.7802 and 0.7754. Here, short-term downward movement is expected in the range of 0.7838 - 0.7802. The breakdown of the last value will lead to a movement to the potential target of 0.7754, which when reached is expected to lead to a pullback upward.

The correction is possible after the breakdown of 0.7920. The target is 0.7970. The range of 0.7970 - 0.8001 is the key support for the downward structure. Surpassing the price will lead to the development of an upward structure. In this case, the target is 0.8066.

The main trend is a downward structure from July 27.

Trading recommendations:

Buy: 0.7920 Take profit: 0.7970

Buy: 0.8003 Take profit: 0.8065

Sell: 0.7838 Take profit: 0.7804

Sell: 0.7800 Take profit: 0.7756

For the pair of EUR/JPY, the key levels on the H1 scale are: 130.18, 129.62, 129.29, 128.77, 128.33, 128.04 and 127.47. Here, we follow a downward cycle from August 2. Continued downward movement is expected after the breakdown of 128.77. In this case, the target is 128.33. In the area of 128.33 - 128.04 is the consolidation of the price. The potential value for the bottom is the level of 127.47,which when reached is expected to lead to a rollback upward.

Short-term upward movement is possible in the area of 129.29 - 129.62. The breakdown of the last value will lead to in-depth correction. Here, the target is 130.18. This level is the key support for the downward structure.

The main trend is a downward structure from August 2.

Trading recommendations:

Buy: 129.30 Take profit: 129.60

Buy: 129.65 Take profit: 130.15

Sell: 128.75 Take profit: 128.35

Sell: 128.02 Take profit: 127.50

For the GBP/JPY pair, the key levels of the H1 scale are: 144.99, 144.37, 143.51, 142.51, 141.91 and 140.95. Here, we follow the development of a downward structure from August 2. Short-term downward movement is expected in the area of 142.51 - 141.91. The potential value for the bottom is the level of 140.95, which when reached is expected to lead to a rollback to the top.

Departure in the correction is possible after the breakdown of 143.51. Here, the target is 144.37. The range of 144.37 - 144.99 is the key support for the downward structure from August 2, before it is possible to formalize the initial conditions for the upward cycle.

The main trend is a downward structure from August 2.

Trading recommendations:

Buy: 143.51 Take profit: 144.37

Buy: 144.40 Take profit: 144.95

Sell: 142.50 Take profit: 141.95

Sell: 141.85 Take profit: 141.00