FX.co ★ Fractal analysis for major currency pairs on February 8

Dear colleagues.

For the EUR / USD pair, we continue to monitor the downward structure of February 1. For GBP / USD pair, the continuation of the movement towards the bottom is expected after passing through the noise range of 1.3858 - 1.3820. For the USD / CHF pair, we follow the development of the upward structure of February 1. For the USD / JPY, the resumption of traffic to the top is expected after the breakdown of 110.42. For the EUR / JPY pair, the continuation of the development of the downward structure from February 2 is expected after the breakdown of the level of 133.75. For the GBP / JPY pair, the continuation of the movement towards the bottom is expected after the breakdown of 151.60. The level of 154.79 is the key support.

Forecast for February 8:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key H1 scale levels are: 1.2408, 1.2362, 1.2319, 1.2292, 1.2249, 1.2226, 1.2172 and 1.2130. Here, the continuation of the the development of the downward cycle from February 1 is expected after passing the price of the noise range of 1.2249 - 1.2226. In this case, the target is 1.2172. For the potential value for the bottom, consider the level of 1.2130. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 1.2292 - 1.2319. The breakdown of the last value will lead to in-depth correction. In this case, the target is 1.2362. This level is the key support for the downward structure. Passing the price will lead to the development of an upward structure. In this case, the goal is 1.2408.

The main trend is the downward structure of February 1.

Trading recommendations:

Buy: 1.2292 Take profit: 1.2317

Buy 1.2322 Take profit: 1.2360

Sell: 1.2224 Take profit: 1.2174

Sell: 1.2170 Take profit: 1.2135

For the GBP / USD pair, the key levels on the scale of H1 are 1.4108, 1.4040, 1.3999, 1.3858, 1.3820, 1.3745 and 1.3689. Here, we continue to follow the development of the downward cycle from February 1. The continuation of the movement towards the bottom is expected after passing the price of the noise range of 1.3858 - 1.3820. In this case, the target is 1.3745. For the potential value for the downward trend, we consider the level of 1.3690. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 1.3990 - 1.4040. The breakdown of the last value will lead to in-depth movement. Here, the target is 1.4108. This level is the key support for the downward structure.

The main trend is the downward cycle from February 1.

Trading recommendations:

Buy: 1.4000 Take profit: 1.4040

Buy: 1.4142 Take profit: 1.4106

Sell: 1.3820 Take profit: 1.3747

Sell: 1.3743 Take profit: 1.3690

For the USD / CHF pair, the key levels on the scale of H1 are: 0.9597, 0.9543, 0.9402, 0.9455, 0.9387, 0.9342, 0.9287 and 0.9253. Here, we follow the development of the upward structure of February 1. The continuation of the movement towards the top is expected after the breakdown of 09455. In this case, the target is 0.9502. In the area of 0.9502 - 0.9543 is the consolidation of the price. For the potential value for the top, consider the level of 0.9597. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possible in the area of 0.9387 - 0.9342. The breakdown of the last value will lead to a downward structure. In this case, the target is 0.9287.

The main trend is the upward structure of February 1.

Trading recommendations:

Buy: 0.9455 Take profit: 0.9502

Buy: 0.9545 Take profit: 0.9595

Sell: 0.9385 Take profit: 0.9344

Sell: 0.9340 Take profit: 0.9290

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 movement towards the top 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.

The range of 109.26 - 108.88 is the key support for the upward structure from January 26. Passing the price will lead to the development of a 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: Take profit:

Sell: 108.86 Take profit: 108.30

For the CAD / USD pair, the key H1 scale levels are: 1.2717, 1.2649, 1.2618, 1.2563, 1.2496, 1.2463 and 1.2415. Here, we follow the development of the upward cycle of February 1. The continuation of the movement towards the top is expected after the breakdown of 1.2563. In this case, the target is 1.2618. In the area of 1.2618 - 1.2649 is the consolidation of the price. For the potential value for the top, consider the level of 1.2717. Upon reaching this level, we expect a rollback to correction.

Short-term downward movement is possible in the area of 1.2496 - 1.2463. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2415. This level is the key support for the top.

The main trend is the upward structure of February 1.

Trading recommendations:

Buy: 1.2565 Take profit: 1.2618

Buy: 1.2650 Take profit: 1.2715

Sell: 1.2495 Take profit: 1.2465

Sell: 1.2460 Take profit: 1.2420

For the AUD / USD pair, the key levels on the scale of H1 are: 0.7940, 0.7873, 0.7843, 0.7806, 0.7772 and 0.7706. Here, we follow the downward structure of January 26. Short-term movement towards the bottom is expected in the area of 0.7806 - 0.7772. The breakdown of the last value should be accompanied by a pronounced movement towards the potential target of 0.7706. From this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 0.7843 - 0.7873. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7940. This level is the key support for the top.

The main trend is the downward structure of January 26.

Trading recommendations:

Buy: 0.7844 Take profit: 0.7872

Buy: 0.7875 Take profit: 0.7940

Sell: 0.7805 Take profit: 0.7774

Sell: 0.7770 Take profit: 0.7708

For the EUR / JPY pair, the key levels on the scale of H1 are: 137.50, 136.18, 135.49, 134.63, 133.78, 132.75, 132.07 and 131.02. Here, we follow the formation of a downward structure from February 2. Consolidated movement is expected in the range of 134.63 - 133.78. A breakdown at the level of 133.75 should be accompanied by a pronounced movement towards the level of 132.75. In the area of 132.75 - 132.07 is the consolidation of the price. For the potential value for the downward movement, we consider the level of 131.02. From this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 135.49 - 136.18. The breakdown of the last value will lead to the development of an upward structure. In this case, the target is 137.50.

The main trend is the downward structure of February 2.

Trading recommendations:

Buy: 135.50 Take profit: 136.15

Buy: 136.25 Take profit: 137.45

Sell: 133.75 Take profit: 132.80

Sell: 132.75 Take profit: 132.10

For the GBP / JPY pair, the key levels on the scale of H1 are: 154.79, 153.68, 152.99, 151.62, 150.11, 148.31 and 147.11. Here, we continue to monitor the formation of a downward structure from 2 February. The continuation of the movement towards the bottom is expected after the breakdown of 151.62. In this case, the target is 150.11. Near this level is the consolidation of the price. The breakdown of the level of 150.11 should be accompanied by a pronounced movement towards the level of 148.31. For the potential value for the bottom, consider the level of 147.11. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 152.99 - 153.68. The breakdown of the last value will lead to in-depth correction. Here, the target is 154.75. This level is the key support for the bottom. Passing the price will lead to the development of an upward movement. In this case, the target is 156.60.

The main trend is the formation of a downward structure from February 2.

Trading recommendations:

Buy: 153.00 Take profit: 153.65

Buy: 153.72 Take profit: 154.76

Sell: 151.60 Take profit: 150.45

Sell: 150.05 Take profit: 148.55