Forecast for February 4:
Analytical review of currency pairs on the scale of H1:
For the euro / dollar pair, the key levels on the H1 scale are: 1.1134, 1.1113, 1.1104, 1.1092, 1.1073, 1.1061 and 1.1048. Here, we monitor the development of the upward cycle of January 29. The continuation of the movement to the top is expected after the breakdown of the level of 1.1092. In this case, the target is 1.1104. Price consolidation is in the range of 1.1104 – 1.1113. For the potential value for the top, we consider the level of 1.1134, upon reaching which, we expect a rollback to the correction.
Short-term downward movement is possibly in the range of 1.1061 – 1.1048. The breakdown of the latter value will lead to the formation of initial conditions for the downward cycle. In this case, the potential target is 1.1028.
The main trend is the upward cycle of January 29, the stage of deep correction
Trading recommendations:
- Buy: 1.1092 Take profit: 1.1104
- Buy: 1.1113 Take profit: 1.1134
- Sell: 1.1058 Take profit: 1.1048
- Sell: 1.1045 Take profit: 1.1030
For the pound / dollar pair, the key levels on the H1 scale are: 1.3086, 1.3042, 1.3013, 1.2958, 1.2932, 1.2889 and 1.2834. Here, the price has canceled the development of the upward trend and at the moment we are following the development of the downward structure of January 31. Short-term downward movement is expected in the range of 1.2958 – 1.2932. The breakdown of the last value will lead to a movement to the level of 1.2889. Price consolidation is near this value. For the potential value for the bottom, we consider the level of 1.2834. Upon reaching this level, we expect a pullback to the top.
Short-term upward movement is possibly in the range of 1.3013 – 1.3042. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3086. This level is a key support for the top.
The main trend is the descending structure of January 31
Trading recommendations:
- Buy: 1.3013 Take profit: 1.3040
- Buy: 1.3043 Take profit: 1.3084
- Sell: 1.2958 Take profit: 1.2933
- Sell: 1.2931 Take profit: 1.2890
For the dollar / franc pair, the key levels on the H1 scale are: 0.9714, 0.9685, 0.9661, 0.9644, 0.9610, 0.9590, 0.9556 and 0.9538. Here, we are following the downward cycle of January 29. At the moment, the price is in the correction zone. Short-term downward movement is expected in the range 0.9610 – 0.9590. The breakdown of the last value should be accompanied by a pronounced downward movement. Here, the target is 0.9556. For the potential value for the bottom, we consider the level of 0.9538. Upon reaching which, we expect consolidation, as well as a rollback to the top.
Consolidated movement is possibly in the range of 0.9644 – 0.9661. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.9685. This level is a key support for the downward structure. Its passage in price will lead to the formation of an upward structure. Here, the potential target is 0.9714.
The main trend is the downward cycle of January 29
Trading recommendations:
- Buy: 0.9664 Take profit: 0.9682
- Buy: 0.9686 Take profit: 0.9712
- Sell: 0.9610 Take profit: 0.9593
- Sell: 0.9588 Take profit: 0.9557
For the dollar / yen pair, the key levels on the scale are: 109.26, 108.83, 108.65, 108.29, 108.07, 107.87 and 107.63. Here, we determined the subsequent goals for the downward movement from the local structure on January 29. The continuation of the movement to the bottom, we expect after the breakdown of the level of 108.29. In this case, the target is 108.07. Price consolidation is in the range of 108.07 – 107.87. For the potential value for the bottom, we consider the level of 107.63. Upon reaching which, we expect a pullback to the top.
Short-term upward movement is possibly in the range of 108.65 – 108.83. The breakdown of the latter value will favor the formation of an ascending structure. Here, the potential target is 109.26.
Main trend: local descending structure of January 29
Trading recommendations:
- Buy: 108.65 Take profit: 108.80
- Buy: 108.85 Take profit: 109.20
- Sell: 108.27 Take profit: 108.08
- Sell: 108.05 Take profit: 107.88
For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3389, 1.3337, 1.3312, 1.3271, 1.3240 and 1.3195. Here, we are following the development of the upward cycle of January 22. Short-term upward movement is expected in the range of 1.3312 – 1.3337. Hence, there is a high probability of a turn to the bottom. For the potential value for the top, we consider the level of 1.3389. We expect movement to this level after the breakdown of the level of 1.3337.
Short-term downward movement is possibly in the range of 1.3271 – 1.3240. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.3195. This level is a key support for the top.
The main trend is the local ascending structure of January 22
Trading recommendations:
- Buy: 1.3313 Take profit: 1.3335
- Buy: 1.3337 Take profit: 1.3387
- Sell: 1.3370 Take profit: 1.3242
- Sell: 1.3238 Take profit: 1.3195
For the Australian dollar / US dollar pair, the key levels on the H1 scale are: 0.6776, 0.6750, 0.6734, 0.6694 and 0.6651. Here, the price is near the limit value for the descending cycle of January 16. We expect a rollback to correction from the level of 0.6694. Its passage by the price will be accompanied by an unstable movement to the bottom. Here, the potential target is 0.6651, but it is not recommended to work towards this value.
Short-term upward movement is expected in the range of 0.6734 – 0.6750. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.6776. This level is a key support for the bottom and before it, we expect the initial conditions for the upward cycle to be formed.
The main trend – we expect a correction
Trading recommendations:
- Buy: 0.6734 Take profit: 0.6750
- Buy: 0.6752 Take profit: 0.6774
- Sell: Take profit:
- Sell: 0.6680 Take profit: 0.6655
For the euro / yen pair, the key levels on the H1 scale are: 120.90, 120.59, 120.37, 119.93 and 119.44. Here, we mainly expect a correction given the situation for the pound / yen. Short-term upward movement is possibly in the range of 120.37 – 120.59. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 120.90. This level is a key support for the downward structure.
The continuation of movement to the bottom is expected after the breakdown of the level of 119.90. In this case, the potential target is 119.44. We expect a pullback in correction upon reaching this level.
The main trend is the descending structure of January 16, the correction stage
Trading recommendations:
- Buy: 120.37 Take profit: 120.57
- Buy: 120.61 Take profit: 120.90
- Sell: 119.90 Take profit: 119.48
- Sell: Take profit:
For the pound / yen pair, the key levels on the H1 scale are : 142.18, 141.74, 141.38, 140.85, 140.21, 139.75 and 139.11. Here, the price has canceled the development of the upward trend and at the moment, we are following the downward structure of January 31. The continuation of the movement to the bottom is expected after the breakdown of the level of 140.85. In this case, the goal is 140.21. Short-term downward movement, as well as consolidation is in the range of 140.21 – 139.75. We consider the level 139.11 to be a potential value for the bottom; upon reaching this level, we expect a pullback to the top.
Short-term upward movement is expected in the range of 141.38 – 141.74. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 142.18. This level is a key support for the bottom.
The main trend is the descending structure of January 31
Trading recommendations:
- Buy: 141.38 Take profit: 141.71
- Buy: 141.75 Take profit: 142.18
- Sell: 140.85 Take profit: 140.32
- Sell: 140.20 Take profit: 139.75
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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