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

Dear colleagues.

For the of EUR / USD pair, we follow the development of the upward cycle from March 1. The continuation of the upward movement is expected after the breakdown of 1.2425. For the GBP / USD pair, the subsequent development of the upward trend is possible after the breakdown of the level of 1.3941. The level of 1.3792 is the key resistance for the downward movement. For the USD / CHF pair, the price formalized the initial conditions for the top of March 2 in the correction from the downward structure. For the USD / JPY pair, the continuation of the movement downwards is expected after passing the price of the noise range at 105.59 - 105.23. For the EUR / JPY pair, we are following the formation of the upward structure of March 5. The development of this level is expected after the breakdown of the level of 132.41. For the GBP / JPY pair, the continuation of the upward movement is expected after the breakdown of 147.76.

Forecast for March 8:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.2529, 1.2494, 1.2464, 1.2425, 1.2384, 1.2354 and 1.2315. Here, we continue to follow the development of the upward cycle of March 1. The continuation of the upward movement is expected after the breakdown of 1.2425. In this case, the target is 1.2464. In the area of 1.2464 - 1.2494 is the consolidation of the price. The potential value for the top is the level of 1.2529. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is expected in the area of 1.2384 - 1.2354. The breakdown of the latter value will lead to in-depth correction. Here, the target is 1.2315. This level is the key support for the top.

The main trend is the upward cycle from March 1.

Trading recommendations:

Buy: 1.2427 Take profit: 1.2462

Buy 1.2466 Take profit: 1.2492

Sell: 1.2382 Take profit: 1.2357

Sell: 1.2350 Take profit: 1.2325

For the GBP / USD pair, the key levels on the scale of H1 are 1.4070, 1.4003, 1.3941, 1.3894, 1.3731, 1.3697, 1.3634 and 1.3583. Here, we continue to follow the downward structure from February 26. At the moment, the price is in correction. In the range of 1.3894 - 1.3941, we expect consolidated movement. The breakdown at the level of 1.3941 will lead to the development of an upward trend to the level of 1.4003. The potential value for the top is still 1.4070.

The continuation of the downward movement is possible after the breakdown of 1.3792. In this case, the first target is 1.3731. In the area of 1.3731 - 1.3697 is the consolidation of the price.

The main trend is the downward structure from February 26, the stage of deep correction.

Trading recommendations:

Buy: 1.3944 Take profit: 1.4000

Buy: 1.4005 Take profit: 1.4070

Sell: 1.3790 Take profit: 1.3740

Sell: 1.3695 Take profit: 1.3650

For the USD / CHF pair, the key levels on the scale of H1 are: 0.9532, 0.9502, 0.9480, 0.9448, 0.9411, 0.9386 and 0.9356. Here, we continue to monitor the formation of the downward structure from March 1. At the moment, the price has issued quite pronounced initial conditions for the top of March 2. The continuation of the upward movement is expected after the breakdown of 0.9448. This level is the key support for the downward structure. In this case, the target is 0.9480. In the area of 0.9480 - 0.9502 is the consolidation of the price. The potential value for the top is the level of 0.9532. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 0.9411 - 0.9386. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9356. This level is the key support for the top.

The main trend is the formation of a downward structure from March 1, the correction stage.

Trading recommendations:

Buy: 0.9450 Take profit: 0.9480

Buy: 0.9482 Take profit: 0.9500

Sell: 0.9410 Take profit: 0.9390

Sell: 0.9384 Take profit: 0.9360

For the USD / JPY pair, the key levels on a scale are: 106.91, 106.52, 106.28, 105.59, 105.23, 104.75, 104.47 and 103.89. Here, we follow the downward structure from February 21. At the moment, the price is still in correction. Consolidated traffic is possible in the area of 105.59 - 105.23. The breakdown of the last value should be accompanied by a pronounced movement towards the level of 104.75. In the area of 104.75 - 104.47 is the consolidation of the price. We consider the level of 103.89 as a potential value for the downward movement. After reaching this level, we expect a pullback upward.

Short-term upward movement is possible in the area of 106.28 - 106.52. The breakdown of the last value will lead to in-depth correction. Here, the target is 106.91. This level is the key support for the downward structure. Passing the price will lead to the formation of the the initial conditions for the upward cycle.

The main trend is the downward cycle from February 21.

Trading recommendations:

Buy: 106.28 Take profit: 106.50

Buy: 106.54 Take profit: 106.90

Sell: 105.20 Take profit: 104.80

Sell: 104.45 Take profit: 103.95

For the CAD / USD pair, the key levels on the H1 scale are: 1.3278, 1.3204, 1.3087, 1.3001, 1.2940, 1.2884 and 1.2786. Here, we continue to follow the upward structure of February 16. The continuation of the upward movement is expected after the breakdown of 1.3001. In this case, the target is 1.3087. Near this level is the consolidation of the price. The potential value for the top is the level of 1.3204. Upon reaching this level, we expect consolidation in the area of 1.3204 - 1.3278, as well as a pullback downwards.

Consolidated traffic is possible in the area of 1.2940 - 1.2884. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2786. This level is the key support for the top.

The main trend is the upward structure from February 1, the correction stage.

Trading recommendations:

Buy: 1.3001 Take profit: 1.3085

Buy: 1.3090 Take profit: 1.3202

Sell: 1.2882 Take profit: 1.2790

Sell: Take profit:

For the AUD / USD pair, the key levels on the scale of H1 are: 0.7893, 0.7846, 0.7747, 0.7699, 0.7668, 0.7630 and 0.7605. Here, the situation is in an equilibrium state. The continuation of the downward movement is expected after the level of 0.7745. In this case, the first target is 0.7700. The breakdown at the level of 0.7699 will allow us to count on the movement towards the level of 0.7668. Near this level, we expect the consolidation of the price. Passing the price of 0.7666 should be accompanied by a pronounced downward movement. Here, the target is 0.7630. The potential value for the bottom is the level of 0.7605. Upon reaching this level, we expect a rollback to the top.

The main trend is the equilibrium situation.

Trading recommendations:

Buy: 0.7846 Take profit: 0.7890

Buy: Take profit:

Sell: 0.7745 Take profit: 0.7700

Sell: 0.7696 Take profit: 0.7670

For the of EUR / JPY pair, the key levels on the scale of H1 are: 133.81, 133.25, 132.41, 131.68, 130.97, 130.48, 129.90 and 129.23. Here, we follow the formation of the upward structure of March 5. The continuation of the upward movement is expected after the breakdown of 131.68. In this case, the target is 132.41. Near this level is the consolidation of the price. The breakdown at the level of 131.41 should be accompanied by a pronounced upward movement. Here, the target is 133.25. The potential value for the top is the level of 133.81. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 130.97 - 130.48. The breakdown of the last value will lead to in-depth correction. Here, the target is 129.90. This level is the key support for the top of March 5.

The main trend is the formation of the upward structure of March 5.

Trading recommendations:

Buy: 131.70 Take profit: 132.40

Buy: 132.50 Take profit: 133.25

Sell: 130.95 Take profit: 130.50

Sell: 130.44 Take profit: 129.95

For the GBP / JPY pair, the key levels on the scale of H1 are: 149.08, 147.76, 146.99, 145.71, 144.78, 143.90 and 142.28. Here, the price is in correction from the downward structure on February 21 and forms the potential for the top of March 2. The development of the downward structure is expected after the breakdown of 145.71. Here, the first target is 144.78. Short-term downward movement is possible in the area of 144.78 - 143.90. The breakdown of the last value will allow us to count on the movement towards the potential target of 142.28. Upon reaching this level, we expect a pullback upward.

Consolidated movement is possible in the area of 146.99 - 147.76. The breakdown of the last value will lead to the development of the upward movement. In this case, the target is 149.08. Up to this level, we expect the formalized initial conditions for the upward cycle.

The main trend is the downward structure from February 2, the correction stage.

Trading recommendations:

Buy: 147.90 Take profit: 149.00

Buy: 149.10 Take profit: 150.90

Sell: 145.70 Take profit: 144.80

Sell: 143.85 Take profit: 142.35