FX.co ★ Fractal analysis of major currency pairs on March 1

Outlook on March 1:

Analytical review of popular currency pairs on the hourly chart:

The key levels for the EUR/USD pair are 1.2201, 1.2138, 1.2107, 1.2060, 1.2024, 1.1952 and 1.1894. The price is forming a potential from the downward trend that started on February 25. In this case, we expect a short-term decline in the 1.2060 - 1.2024 range. If the last value breaks down, strong decline will continue towards the target of 1.1952. The price may consolidate closer to this level. The final potential downward target is set at the 1.1894 level. After reaching it, the price may consolidate and pullback upwards.

In turn, a short-term growth can be considered in the range of 1.2107 - 1.2138. Once the level of 1.2138 breaks down, prolonged correction may occur. The target is set at 1.2201, which is also the key support level.

The main trend is the downward trend from February 25.

Trading recommendations:

Buy: 1.2107 Take profit: 1.2138

Buy: 1.2140 Take profit: 1.2200

Sell: 1.2060 Take profit: 1.2024

Sell: 1.2022 Take profit: 1.1955

The key levels for the GBP/USD pair are 1.4107, 1.4042, 1.4001, 1.3941, 1.3882, 1.3839, 1.3767, 1.3689 and 1.3640. The price has been following the formation of bearish trend since February 24. We expect it to continue moving down after the level of 1.3940 is broken. Here, the target is set at 1.3882. The price may consolidate in the 1.3882 - 1.3839 range. If the last value breaks down, strong decline will continue towards the target of 1.3767. Another price consolidation may occur. The ultimate downward target is 1.3640. After reaching this level, the price may gain a foothold in the range of 1.3689 - 1.3640 and pullback upwards.

Meanwhile, a short-term growth is possible in the 1.4001 - 1.4042 range. A breakout of the level of 1.4042 will result in a deep correction. The target is set at 1.4107, which is also the key support level.

The main trend is the formation of a downward trend from February 24.

Trading recommendations:

Buy: 1.4001 Take profit: 1.4041

Buy: 1.4043 Take profit: 1.4107

Sell: 1.3940 Take profit: 1.3882

Sell: 1.3837 Take profit: 1.3768

The key levels for the USD/CHF pair are 0.9186, 0.9159, 0.9121, 0.9102, 0.9064, 0.9037, 0.9020 and 0.8991. The price has been moving up since February 16. Thus, we expect a short-term growth in the 0.9102 - 0.9121 range. Once the last value breaks down, strong growth will continue to the next target of 0.9159. The price may consolidate around this level. The ultimate upward target is set at the level of 0.9186. After reaching the level, a downward pullback can be expected.

A correction can be expected after the level of 0.9064 breaks down. In such a case, the target will be 0.9037. The key support is in the range of 0.9037 - 0.9020. The price breaking through it will favor the development of a downward trend. The potential target is 0.8991.

The main trend is the upward trend from February 16.

Trading recommendations:

Buy: 0.9102 Take profit: 0.9120

Buy: 0.9125 Take profit: 0.9159

Sell: 0.9064 Take profit: 0.9038

Sell: 0.9036 Take profit: 0.9020

The key levels for the USD/JPY are 107.77, 107.39, 107.02, 106.78, 106.27, 105.98 and 105.67. The price continues its upward trend from February 23. In this case, we expect a short-term growth in the 106.78 - 107.02 range. If the level of 107.02 breaks down, strong growth will resume towards the target of 107.39. The final upward target is set at 107.77. After reaching this level, the price may consolidate and pullback downwards.

A short-term decline, in turn, is possible in the 106.27 - 105.98 range. Once the level of 105.98 is broken, a deep correction will follow. The target will be 105.67, which is also the key support level.

The main trend is the upward trend from February 23.

Trading recommendations:

Buy: 106.78 Take profit: 107.02

Buy: 107.04 Take profit: 107.39

Sell: 106.27 Take profit: 105.98

Sell: 105.96 Take profit: 105.68

The key levels for the USD/CAD pair are 1.2926, 1.2891, 1.2834, 1.2753, 1.2715, 1.2643, 1.2601 and 1.2556. The price is forming a potential for the upward trend from February 25. Here, we expect a short-term growth in the 1.2715 - 1.2753 range. If the 1.2753 level breaks down, strong growth will follow towards the next target of 1.2834. Its breakdown will lead us to the final potential target of 1.2926. The price may consolidate in the 1.2891 - 1.2926 range.

A short-term decline, in turn, is possible in the range of 1.2643 - 1.2601. If the level of 1.2601 breaks down, a deep correction may occur. The target is set at 1.2556, which is also the key support level.

The main trend is the formation of an upward trend from February 25.

Trading recommendations:

Buy: 1.2753 Take profit: 1.2834

Buy: 1.2836 Take profit: 1.2890

Sell: 1.2643 Take profit: 1.2602

Sell: 1.2559 Take profit: 1.2556

The key levels for the AUD/USD pair are 0.7884, 0.7819, 0.7777, 0.7695, 0.7648, 0.7576, 0.7498 and 0.7450. The price has been following the bearish trend since February 25. Against this background, we expect a short-term decline in the 0.7695 - 0.7648 range. Once the level of 0.7648 breaks down, strong decline will follow towards the next target of 0.7576. The final potential downward target is 0.7450. After reaching it, price consolidation in the range of 0.7498 - 0.7450 and an upward pullback can be expected.

On the contrary, a short-term growth is possible in the range of 0.7777 - 0.7819. If the last value breaks down, deep correction can be expected. The target is set at 0.7884, which is also the key support level. The price breaking through it will lead to the development of an upward trend.

The main trend is the formation of a downward trend from February 25.

Trading recommendations:

Buy: 0.7777 Take profit: 0.7819

Buy: 0.7822 Take profit: 0.7884

Sell: 0.7695 Take profit: 0.7650

Sell: 0.7646 Take profit: 0.7576

The key levels for the EUR/JPY pair are 130.52, 130.00, 129.63, 128.70, 128.26 and 127.23. The price continues to adhere to the local bullish trend from February 17. Thus, we expect a short-term growth in the 129.63 - 130.00 range. Once the last value is broken, the upward movement will resume to the potential target of 130.52. A downward pullback may occur from this level.

A short-term decline is expected in the 128.70 - 128.26 range, hence a key upward reversal is possible. If the level of 128.26 breaks down, the downward trend will develop. In this case, the potential target is set at 127.23.

The main trend is the local upward trend from February 17.

Trading recommendations:

Buy: 129.63 Take profit: 130.00

Buy: 130.02 Take profit: 130.52

Sell: 128.68 Take profit: 128.27

Sell: 128.24 Take profit: 127.53

The key levels for the GBP/JPY pair are 150.40, 149.66, 148.12, 147.39, 146.70, 146.30, 145.49 and 145.07. The price follows the formation of the downward trend from February 25. We expect the trend to extend after the level of 148.12 is broken. The target is set at 147.39 and the price may consolidate closer to this level. Once the target breaks down, the downward movement will continue to 146.70 mark. Another price consolidation may occur within this level. The price breaking through the 146.70 - 146.30 range should be accompanied by a strong decline. The target is set at 145.49, with a consolidation in the range of 145.49 - 145.07.

The key support level is 149.66. The price breaking through it will encourage the development of an upward trend. The potential target is set at 150.40.

The main trend is the downward trend from February 25.

Trading recommendations:

Buy: 149.67 Take profit: 150.40

Buy: Take profit:

Sell: 148.12 Take profit: 147.40

Sell: 147.37 Take profit: 146.70