FX.co ★ Fractal analysis for major currency pairs on February 5

Dear colleagues.

For the EUR / USD pair, the price is still in the correction zone from the upward structure. For the GBP / USD pair, the resumption of the upward structure from January 30 is expected after the breakdown of the level of 1.4200. For the USD / CHF pair, we expect a correction after a breakdown at 0.9352. For the USD / JPY pair, the development of the upward trend from January 26 is expected after the breakdown of 110.42. For the EUR / JPY pair, we follow the development of the upward structure of January 30. For the GBP / JPY pair, the resumption of the upward movement from January 30 is expected after the breakdown of 155.45 - 156.04.

Forecast for February 5:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.2642, 1.2617, 1.2573, 1.2541, 1.2453, 1.2408 and 1.2335. Here, we follow the development of the upward structure of January 29. Short-term upward movement is expected in the range of 1.2541 - 1.2573. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 1.2617. In the area of 1.2617 - 1.2642 is the consolidation of the price.

Short-term downward movement is possible in the area of 1.2453 - 1.2408. The breakdown of the last value will lead to the development of a downward structure. In this case, the target is 1.2335. Near this level is the consolidation of the price.

The main trend is the upward structure of January 29.

Trading recommendations:

Buy: 1.2541 Take profit: 1.2570

Buy 1.2575 Take profit: 1.2615

Sell: 1.2405 Take profit: 1.2337

Sell: Take profit:

For the GBP / USD pair, the key levels on the H1 scale are 1.4515, 1.4434, 1.4340, 1.4292, 1.4200, 1.4095, 1.4050 and 1.3979. Here, we follow the upward structure of January 30. The continuation of the upward movement is expected after the breakdown of 1.4200. In this case, the target is 1.4292. Short-term upward movement is expected in the area of 1.4292 - 1.4340. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 1.4434. Near this level is the consolidation of the price. For the potential value for the top, consider the level of 1.4515. Upon reaching this level, we expect a pullback to the bottom.

The range of 1.4095 - 1.4050 is the key support for the top. Passing the price will lead to the development of the downward structure. In this case, the target is 1.3979. Before reaching this level, we expect formalized initial conditions for the downward cycle.

The main trend is the upward structure from January 30, the correction stage.

Trading recommendations:

Buy: 1.4200 Take profit: 1.4290

Buy: 1.4292 Take profit: 1.4340

Sell: 1.4050 Take profit: 1.3980

Sell: Take profit:

For the of USD / CHF pair, the key levels in the scale of H1 are: 0.9449, 0.9412, 0.9352, 0.9263, 0.9211 and 0.9098. Here, we continue to follow the development of the downward trend from January 10. Short-term downward movement is expected in the area of 0.9263 - 0.9211. The breakdown of the last value should be accompanied by a pronounced movement towards the level of 0.9098. Upon reaching this level, we expect a pullback to the top.

Going into correction is possible after the breakdown of 0.9352. Here, the target is 0.9412. Up to the level of 0.9449, we expect formalized initial conditions for the upward cycle.

The main trend is the downward structure of January 10.

Trading recommendations:

Buy: 0.9352 Take profit: 0.9410

Buy: Take profit:

Sell: 0.9260 Take profit: 0.9215

Sell: 0.9208 Take profit: 0.9100

For the USD / JPY pair, the key levels on a scale are: 112.03, 111.45, 111.05, 110.42, 109.69, 109.26, 108.88 and 108.28. Here, we follow the formation of the upward structure of January 26. The continuation of the upward movement is expected after the breakdown of 110.42. In this case, the target is 111.05. In the area of 111.05 - 111.45 is the consolidation of the price. For the potential value for the top, consider the level of 112.03. Upon reaching this level, we expect a rollback to the bottom.

Short-term downward movement is possible in the area of 109.69 - 109.26. The breakdown of the last value will lead to in-depth correction. Here, the target is 108.88. This level is the key support for the top. Passing the price will lead to the development of the downward structure. In this case, the target is 108.28.

The main trend is the upward structure of January 26.

Trading recommendations:

Buy: 110.42 Take profit: 111.05

Buy: 111.47 Take profit: 112.00

Sell: 109.65 Take profit: 109.28

Sell: 108.86 Take profit: 108.30

For the CAD / USD pair, the key H1 scale levels are: 1.2622, 1.2568, 1.2524, 1.2470, 1.2401, 1.2367, 1.2313 and 1.2252. Here, we follow the formation of the upward structure of February 1. The continuation of the movement towards the top is expected after the breakdown of 1.2470. In this case, the target is 1.2524. Near this level is the consolidation of the price. The breakdown of 1.2524 will allow us to count on the movement towards 1.2568. From this level, there is a high probability of a rollback to the bottom. For the potential value for the top, consider the level of 1.2622. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possible in the area of 1.2401 - 1.2367. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2313. This level is the key support for the top. Passing the price will lead to the development of the downward structure. In this case, the target is 1.2252.

The main trend is the upward structure of February 1.

Trading recommendations:

Buy: 1.2470 Take profit: 1.2522

Buy: 1.2526 Take profit: 1.2565

Sell: 1.2401 Take profit: 1.2368

Sell: 1.2365 Take profit: 1.2320

For the AUD / USD pair, the key levels on the scale of H1 are: 0.8058, 0.7989, 0.7954, 0.7892, 0.7838, 0.7779 and 0.7747. Here, we follow the downward structure of January 26. The continuation of the downward movement is expected after the breakdown of 0.7892. In this case, the target is 0.7838. After reaching this level, we expect the consolidation of the price. The breakdown at 0.7838 should be accompanied by a pronounced downward movement. Here, the target is 0.7779. In the area of 0.7779 - 0.7747 is the consolidation of the price.

Short-term upward movement is possible in the area of 0.7954 - 0.7989. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.8058. This level is the key support for the top. Before reaching it, we expect the formulation of pronounced initial conditions for the upward cycle.

The main trend is the downward structure of January 26.

Trading recommendations:

Buy: 0.7954 Take profit: 0.7987

Buy: 0.7993 Take profit: 0.8055

Sell: 0.7890 Take profit: 0.7840

Sell: 0.7835 Take profit: 0.7780

For the EUR / JPY pair, the key levels on the scale of H1 are: 139.14, 138.73, 137.96, 137.50. 136.18, 135.58, 134.91 and 134.12. Here, we continue to follow the development of the upward structure of January 30. Short-term upward movement is expected in the range of 137.50 - 137.96. The breakdown of the last value will lead to a movement towards the level of 138.73. In the area of 138.73 - 139.14 is the consolidation of the price.

Short-term downward movement is possible in the area of 136.18 - 135.58. The breakdown of the last value will lead to in-depth correction. Here, the target is 134.91. This level is the key support for the top. Its breakdown will allow us to count on the movement towards the level of 134.12.

The main trend is the upward structure of January 30.

Trading recommendations:

Buy: 137.98 Take profit: 138.70

Buy: Take profit:

Sell: 136.14 Take profit: 135.60

Sell: 135.55 Take profit: 134.95

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 movement towards the top 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 value 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