FX.co ★ Fractal analysis of major currency pairs as of April 24

Dear colleagues.

For the EUR / USD pair, the potential of the downward structure is limited by the level of 1.2133. The upward movement is considered as a correction. For the GBP / USD pair, the main continuation of the downward trend is expected after the breakdown of 1.3845. For the USD / CHF pair, there is a high probability of development of the corrective movement downwards from the level of 0.9821. For the USD / JPY pair, the price is near the limit values for the local upward structure of April 11. For the EUR / JPY pair, we follow the formation of the upward structure from March 22. The continuation of the upward movement is expected after the breakdown of 132.85. The level of 131.94 is the key support. For the GBP / JPY pair, we follow the downward structure from April 16. We continue to move downwards after the breakdown of 150.69.

The forecast for April 24:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.2293, 1.2260, 1.2235, 1.2218, 1.2183, 1.2159 and 1.2133. Here, we follow the downward structure of April 17. Short-term downward movement is expected in the range of 1.2183 - 1.2159. The breakdown of the last value will allow us to count on the movement towards the potential target of 1.2133. Upon reaching this level, we expect a rollback towards correction.

Short-term upward movement is possible in the area of 1.2218 - 1.2235. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2260. This level is the key support for the downward structure. Its breakdown will lead to the formation of initial conditions for the upward cycle.

The main trend is the downward cycle from April 17.

Trading recommendations:

Buy: 1.2218 Take profit: 1.2233

Buy 1.2236 Take profit: 1.2258

Sell: 1.2181 Take profit: 1.2162

Sell: 1.2157 Take profit: 1.2135

For the GBP / USD pair, the key levels on the scale of H1 are 1.4171, 1.4096, 1.4046, 1.3979, 1.3892, 1.3847 and 1.3752. Here, we follow the downward structure of April 17. Short-term downward movement is expected in the area of 1.3892 - 1.3847. The breakdown of the last value will lead to a movement towards the potential target of 1.3752. Upon reaching this level, we expect a pullback upward.

Correction is possible after the breakdown at 1.3979. In this case, the target is 1.4046. In the area of 1.4046 - 1.4096 is short-term upward movement. This range is also the key support for the downward structure.

The main trend is the downward structure of April 17.

Trading recommendations:

Buy: 1.3980 Take profit: 1.4042

Buy: 1.4047 Take profit: 1.4094

Sell: 1.3890 Take profit: 1.3848

Sell: 1.3845 Take profit: 1.3752

For the USD / CHF pair, the key levels in the scale of H1 are: 0.9874, 0.9821, 0.9797, 0.9760, 0.9736, 0.9711 and 0.9686. Here, we follow the upward structure of April 10. Short-term upward movement is expected in the area of 0.9797 - 0.9821 hence the probability of a development of correction downwards is high. The potential value for the upward trend is the level of 0.9874. The movement towards this level is expected after the breakdown of 0.9825.

Short-term downward movement is possible in the area of 0.9760 - 0.9736. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9711. The range of 0.9711 - 0.9686 is the key support for the upward structure.

The main trend is the upward structure of April 10.

Trading recommendations:

Buy: 0.9798 Take profit: 0.9820

Buy: 0.9825 Take profit: 0.9870

Sell: 0.9760 Take profit: 0.9738

Sell: 0.9734 Take profit: 0.9712

For the USD / JPY pair, the key levels on a scale are: 109.48, 109.21, 108.94, 108.61, 108.45, 108.16 and 107.97. Here, the price is near the limit values for the upward structure of April 11. The continuation of the upward movement is expected after the breakdown of 108.94. In this case, the target is 109.21. From this level, there is a high probability of a turn downwards. The potential value for the top is the level of 109.48.

Short-term downward movement is possible in the area of 108.61 - 108.45. The breakdown of the last value will lead to in-depth correction. Here, the target is 108.16. The range of 108.16 - 107.97 is the key support for the top.

The main trend is a local upward cycle from April 11.

Trading recommendations:

Buy: 108.95 Take profit: 109.20

Buy: 109.24 Take profit: 109.46

Sell: 108.61 Take profit: 108.47

Sell: 108.44 Take profit: 108.18

For the CAD / USD pair, the key levels on the H1 scale are: 1.2982, 1.2930, 1.2909, 1.2871, 1.2819, 1.2790, 1.2745 and 1.2708. Here, we follow the upward structure of April 17. The continuation of the upward movement is expected after the breakdown of 1.2871. In this case, the target is 1.2909. In the area of 1.2909 - 1.2930 is the consolidation of the price. The potential value for the top is the level of 1.2982. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 1.2819 - 1.2790. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2745. This level is the key support for the top of April 17. Its breakdown will lead to the formation of the initial conditions for the downward cycle. In this case, the target of 1.2708.

The main trend is the upward structure of April 17.

Trading recommendations:

Buy: 1.2871 Take profit: 1.2907

Buy: 1.2932 Take profit: 1.2980

Sell: 1.2817 Take profit: 1.2792

Sell: 1.2788 Take profit: 1.2747

For the AUD / USD pair, the key levels in the scale of H1 are: 0.7683, 0.7646, 0.7619, 0.7584, 0.7538, 0.7520 and 0.7488. Here, we follow the downward structure of April 19. The continuation of the downward movement is expected after the breakdown of 0.7584. In this case, the target is 0.7538. In the area of 0.7538 - 0.7520 is the consolidation of the price and hence, the likelihood of leaving for correction is also high. The potential value for the top is the level of 0.7488. Upon reaching this level, we expect a withdrawal to the top.

Short-term uptrend is possible in the area of 0.7619 - 0.7646. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7683. This level is the key support for the downward cycle.

The main trend is the downward structure of April 19.

Trading recommendations:

Buy: 0.7620 Take profit: 0.7644

Buy: 0.7648 Take profit: 0.7680

Sell: 0.7581 Take profit: 0.7540

Sell: 0.7520 Take profit: 0.7490

For the of EUR / JPY pair, the key levels on the scale of H1 are: 134.70, 133.92, 133.54, 132.85, 131.94, 131.54, 131.09 and 130.36. Here, we continue to follow the formation of the upward structure of March 22. The continuation of the upward movement is expected after the breakdown of 132.85. In this case, the target is 133.54. In the area of 133.54 - 133.92 is the consolidation of the price. The potential value for the upward structure is 134.70.

Short-term downward movement is possible in the area of 131.94 - 131.54. The breakdown of the last value will lead to in-depth correction. Here, the target is 131.09. This level is the key support for the upward structure of March 22.

The main trend is the upward structure of March 22.

Trading recommendations:

Buy: 132.85 Take profit: 133.52

Buy: 133.95 Take profit: 134.70

Sell: 131.90 Take profit: 131.56

Sell: 131.50 Take profit: 131.10

For the GBP / JPY pair, the key levels on the scale of H1 are: 152.70, 152.21, 151.85, 150.97, 150.69, 150.23 and 149.59. Here, we follow the downward structure of April 16. The continuation of the downward movement is expected after passing price of the noise range of 150.97 - 150.69. In this case, the target is 150.23. Near this level is the consolidation of the price. The potential value for the top is the level of 149.59. Upon reaching this level, we expect a rollback to correction.

Short-term upward movement is possible in the area of 151.85 - 152.21. The breakdown of the last value will lead to in-depth correction. Here, the target is 152.70. This level is the key support.

The main trend is the downward structure of April 16.

Trading recommendations:

Buy: 151.85 Take profit: 152.20

Buy: 152.25 Take profit: 152.70

Sell: 150.67 Take profit: 150.25

Sell: 150.18 Take profit: 149.65