FX.co ★ Fractal analysis of major currency pairs as of February 1

Dear colleagues.

For the EUR / USD pair, the level of 1.2489 is the key support for the downward structure from January 25. The price is still in the correction area. For GBP / USD pair, continuation of the downward movement is possible after the breakdown of 1.4099. The level of 1.4256 is the key support. For the USD / CHF pair, we follow the downward structure of January 10 as the main one. For the of USD / JPY pair, the price is still in correction. For the EUR / JPY pair, we follow the formation of the upward structure of January 30. For the GBP / JPY pair, we also follow the formation of the upward structure from January 30. The development of this level after the breakdown is expected to be 156.05.

Forecast for February 1:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.2539, 1.2489, 1.2453, 1.2359, 1.2330, 1.2242 and 1.2199. Here, the price is in the correction zone from the downward structure. The continuation of the downward movement is expected after passing the price of the noise range at 1.2359 - 1.2330. In this case, the target is 1.2242. For the potential for the downward movement, consider the level of 1.2199. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 1.2453 - 1.2489. The breakdown of the last value will allow us to expect the recovery of the upward trend. Here, the first target is 1.2539.

The main trend is the downward structure of January 25.

Trading recommendations:

Buy: 1.2453Take profit: 1.2487

Buy 1.2491 Take profit: 1.2537

Sell: 1.2330 Take profit: 1.2245

Sell: 1.2240 Take profit: 1.2205

For the GBP / USD pair, the key H1 scale levels are 1.4481, 1.4340, 1.4256, 1.4099, 1.4005, 1.3906 and 1.3849. Here, we continue to follow the downward structure from January 25. At the moment, the price is in correction. The continuation of the downward movement is expected after the breakdown of 1.4099. In this case, the first target is 1.4005. The breakdown of this level will lead to a movement towards 1.3906. In the area of 1.3906 to 1.3849 is the consolidation of the price.

The breakdown of the level of 1.4256 will lead to the development of an upward structure. In this case, the first target is 1.4340. Up to this level we expect formalized initial conditions for the upward cycle.

The main trend is the downward structure of January 25.

Trading recommendations:

Buy: 1.4265 Take profit: 1.4340

Buy: 1.4342 Take profit: 1.4480

Sell: 1.4095 Take profit: 1.4008

Sell: 1.4000 Take profit: 1.3908

For the USD / CHF pair, the key levels on the scale of H1 are: 0.9595, 0.9557, 0.9482, 0.9449, 0.9408, 0.9324, 0.9263 and 0.9211. Here, we follow the development of the downward trend from January 10. The continuation of the upward movement is expected after the breakdown of 0.9408. In this case, the first target is 0.9449. Short-term upward movement is possible in the area of 0.9449 - 0.9482. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 0.9557. For the potential value for the top, we consider the level of 0.9595. Upon reaching this level, we expect the consolidation of the price.

Short-term downward movement is expected in the range of 0.9324 - 0.9263. The breakdown of the last value will allow us to count on the movement towards the potential target of 0.9211. From this level, we expect a pullback to the top.

The main trend is the downward structure of January 10.

Trading recommendations:

Buy: 0.9408 Take profit: 0.9448

Buy: 0.9484 Take profit: 0.9555

Sell: 0.9322 Take profit: 0.9265

Sell: 0.9260 Take profit: 0.9214

For the USD / JPY pair, the key levels on a scale are: 110.47, 109.99, 109.69, 109.07, 108.32, 107.88 and 107.28. Here, we continue to follow the downward structure from January 8. Short-term downward movement is expected in the range of 108.32 - 107.88. As a potential value for the downward cycle from January 8, we consider the level of 107.28, which is still interesting from the medium-term perspective.

Going into correction is expected after the breakdown of 109.07. In this case, the target is 109.69. The range of 109.69 - 109.99 is the key support for the downward structure. Passing the price will lead to the development of an upward structure. In this case, the target is 110.47.

The main trend is the downward cycle from January 8.

Trading recommendations:

Buy: 109.10 Take profit: 109.65

Buy: 110.00 Take profit: 110.45

Sell: 108.28 Take profit: 107.90

Sell: 107.85 Take profit: 107.35

For the CAD / USD pair, the key H1 scale levels are: 1.2443, 1.2401, 1.2367, 1.2313, 1.2263, 1.2213 and 1.2147. Here, we continue to follow the downward structure from January 11. Short-term downward movement is expected in the range 1.2313 - 1.2263. The breakdown of the last value will lead to the movement towards the level of 1.2213. For the potential value for the bottom, consider the level of 1.2147. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 1.2367 - 1.2401. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2443 to 1.2470 level. After reaching this level, we expect the initial conditions for the upward cycle to be formalized.

The main trend is the downward structure of January 11.

Trading recommendations:

Buy: 1.2368 Take profit: 1.2400

Buy: 1.2404 Take profit: 1.2440

Sell: 1.2310 Take profit: 1.2265

Sell: 1.2258 Take profit: 1.2220

For the AUD / USD pair, the key levels on the H1 scale are: 0.8257, 0.8210, 0.8179, 0.8140, 0.8070, 0.8039, 0.8002 and 0.7957. Here, we follow the upward structure of January 23. The continuation of the upward movement is expected after the breakdown of 0.8140. In this case, the target is 0.8179. In the area of 0.8179 - 0.8210, we expect short-term upward movement as well as the consolidation of the price. For the potential for the top, consider the level of 0.8257. Upon reaching this level, we expect a departure towards correction.

Short-term downward movement is possible in the area of 0.8070 - 0.8039. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.8002. This level is the key support for the top.

The main trend is the local upward structure of January 23.

Trading recommendations:

Buy: 0.8140 Take profit: 0.8175

Buy: 0.8180 Take profit: 0.8207

Sell: 0.8070 Take profit: 0.8045

Sell: 0.8037 Take profit: 0.8004

For the EUR / JPY pair, the key levels on the scale of H1 are: 137.96, 137.50, 136.75, 136.13, 135.31, 134.91, 134.04 and 133.21. Here, we follow the formation of the upward potential of January 30. The continuation of the upward movement is expected after the breakdown of 136.13. In this case, the target is 136.75. Near this level is the consolidation of the price. The breakdown of the level of 136.75 should be accompanied by a pronounced upward movement. Here, the target is 137.50. In the area of 137.50 - 137.96 is the consolidation of the price.

Short-term downward movement is possible in the area of 135.31 - 134.91. The breakdown of the last value will lead to the development of a downward structure. In this case, the first target is 134.04. As a potential value, consider the level of 133.21.

The main trend is the formation of the upward structure from January 30.

Trading recommendations:

Buy: 136.15 Take profit: 136.70

Buy: 136.80 Take profit: 137.50

Sell: 135.31 Take profit: 134.93

Sell: 134.88 Take profit: 134.30

For the GBP / JPY pair, the key levels on the scale of H1 are: 159.83, 158.66, 157.81, 156.04, 155.46, 154.52, 154.06, 153.31 and 152.05. Here, we follow the formation of the upward structure of January 30. The continuation of the upward movement is expected after passing the price of the noise range at 155.46 - 156.04. In this case, the target is 157.81. In the area of 157.81 - 158.66 is the consolidation of the price. For the potential for the top, consider the level of 159.83. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possible in the area of 154.52 - 154.06. The breakdown of the last value will lead to in-depth correction. Here, the target is 153.31. This level is the key support for the top. Passing the price will lead to the development of a downward movement. In this case, the target is 152.05.

The main trend is the formation of the upward structure from January 30.

Trading recommendations:

Buy: 156.10 Take profit: 157.80

Buy: 158.68 Take profit: 159.80

Sell: 154.06 Take profit: 153.35

Sell: 153.28 Take profit: 152.07