Fractal analysis for major currency pairs on Feb 7, 2020

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Forecast for February 7:

Analytical review of currency pairs on the scale of H1:

For the euro / dollar pair, the key levels on the H1 scale are: 1.1037, 1.1018, 1.1002, 1.0988, 1.0969, 1.0950, 1.0938 and 1.0909. Here, we are following the development of the descending structure of January 31. The continuation of the movement to the bottom is expected after the breakdown of the level of 1.0969. In this case, the target is 1.0950. Price consolidation is in the range of 1.0950 – 1.0938. For the potential value for the bottom, we consider the level of 1.0909. Upon reaching which, we expect a departure in the correction.

Short-term upward movement is possibly in the range 1.0988 – 1.1002. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 1.1018. This level is a key support for the downward structure. Its passage in price will lead to the formation of initial conditions for the upward cycle. Here, the goal is 1.1037.

The main trend is the descending structure of January 31

Trading recommendations:

Buy: 1.0988 Take profit: 1.1002

Buy: 1.1004 Take profit: 1.1018

Sell: 1.0967 Take profit: 1.0950

Sell: 1.0936 Take profit: 1.0910

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For the pound / dollar pair, the key levels on the H1 scale are: 1.3070, 1.3013, 1.2970, 1.2932, 1.2889, 1.2847 and 1.2754. Here, we are following the development of the descending structure of January 31. Short-term downward movement is expected in the range of 1.2889 – 1.2847. The breakdown of the last value should be accompanied by a pronounced movement to the bottom. In this case, the potential target is 1.2754. We expect consolidation, as well as a pullback to the top near this level.

Short-term upward movement is possibly in the range of 1.2970 – 1.3013. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3070. This level is a key support for the downward structure.

The main trend is the descending structure of January 31

Trading recommendations:

Buy: 1.2970 Take profit: 1.3011

Buy: 1.3015 Take profit: 1.3070

Sell: 1.2889 Take profit: 1.2848

Sell: 1.2845 Take profit: 1.2756

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9826, 0.9810, 0.9781, 0.9760, 0.9744, 0.9719, 0.9701 and 0.9674. Here, we are following the development of the ascending structure of January 31. The continuation of the movement to the top is expected after the price passes the noise range 0.9744 – 0.9760. In this case, the target is 0.9781. Price consolidation is near this level. The breakdown of the level of 0.9781 will lead to a pronounced movement. Here, the target is 0.9810. For the potential value for the top, we consider the level of 0.9826. Upon reaching which, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 0.9719 – 0.9701. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.9674. This level is a key support for the upward structure.

The main trend is the downward cycle of January 31

Trading recommendations:

Buy : 0.9760 Take profit: 0.9780

Buy : 0.9782 Take profit: 0.9810

Sell: 0.9719 Take profit: 0.9703

Sell: 0.9699 Take profit: 0.9676

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For the dollar / yen pair, the key levels on the scale are : 110.80, 110.47, 109.99, 109.62, 109.41 and 109.07. Here, we are following the development of the ascending structure of January 31. The continuation of the movement to the top is expected after the breakdown of the level of 110.00. In this case, the target is 110.47. Price consolidation is near this level. For the potential value for the top, we consider the level 110.80. Upon reaching which, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 109.62 – 109.41. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 109.07. This level is a key support for the top.

Main trend: upward structure of January 31

Trading recommendations:

Buy: 110.00 Take profit: 110.45

Buy : 110.49 Take profit: 110.80

Sell: 109.60 Take profit: 109.42

Sell: 109.38 Take profit: 109.10

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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

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6872, 0.6846, 0.6810, 0.6781, 0.6734, 0.6713 and 0.6677. Here, we are following the formation of the ascending structure of February 4. At the moment, the price is in the correction zone. The continuation of the movement to the top is expected after the breakdown of the level of 0.6781. In this case, the target is 0.6810. Price consolidation is near this level. The breakdown of the level of 0.6810 should be accompanied by a pronounced upward movement. Here, the target is 0.6846. For the potential value for the top, we consider the level of 0.6872. Upon reaching which, we expect a pullback to the bottom.

Consolidated movement is expected in the range of 0.6734 – 0.6713. The breakdown of the latter value will favor the formation of a downward structure. Here, the potential target is 0.6677.

The main trend is the formation of the ascending structure of February 4

Trading recommendations:

Buy: 0.6781 Take profit: 0.6810

Buy: 0.6812 Take profit: 0.6846

Sell : Take profit :

Sell: 0.6710 Take profit: 0.6677

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For the euro / yen pair, the key levels on the H1 scale are: 122.22, 121.89, 121.41, 121.07, 120.60, 120.37, 120.05 and 119.75. Here, we are following the formation of the ascending structure of January 30. The continuation of the movement to the top is expected after the breakdown of the level of 121.07. In this case, the goal is 121.41. Price consolidation is near this level. The breakdown of the level of 121.45 will lead to a pronounced upward movement. Here, the goal is 121.89. For the potential value for the top, we consider the level of 122.22. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 120.60 – 120.37. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 120.05. This level is a key support for the top.

The main trend is the upward structure of January 30

Trading recommendations:

Buy: 121.08 Take profit: 121.40

Buy: 121.43 Take profit: 121.87

Sell: 120.60 Take profit: 120.39

Sell: 120.35 Take profit: 120.05

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For the pound / yen pair, the key levels on the H1 scale are : 145.43, 144.73, 144.23, 143.50, 143.26, 142.30, 141.87, 141.38 and 140.90. Here, we are following the formation of the ascending structure of February 4. The continuation of the movement to the top is expected after the price passes the noise range of 143.26 – 143.50. In this case, the goal is 144.23. Short-term upward movement, as well as consolidation is in the range of 144.23 – 144.73. For the potential value for the top, we consider the level of 145.43. Upon reaching this level, we expect a pullback to the bottom.

Consolidated movement is expected in the range of 142.30 – 141.87. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 141.38. This level is a key support for the top.

The main trend is the initial conditions for the top of February 4

Trading recommendations:

Buy: 143.50 Take profit: 144.20

Buy: 144.25 Take profit: 144.70

Sell: 141.85 Take profit: 141.40

Sell: 141.36 Take profit: 140.90

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Fractal analysis for major currency pairs on February 7

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