Fractal analysis for major currency pairs as of June 21

Dear colleagues.

For the EUR / USD pair, the continuation of the movement towards the bottom is expected after the breakdown of 1.1540. For the GBP / USD pair, we have expanded the potential for the downward movement towards the level of 1.3030. For the USD / CHF pair, continuing to the top is expected after the breakdown of 0.9990. The level of 0.9924 is the key support. For the USD / JPY pair, the price is in correction. The level of 109.46 is the key support. For the EUR / JPY pair, we follow the development of the downward structure from June 12. For the GBP / JPY pair, we follow the downward structure from June 7, continuing to the bottom is expected after the breakdown of 144.45. The level of 145.66 is the key support.

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Forecast for June 21:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.1683, 1.1640, 1.1611, 1.1542, 1.1511, 1.1491 and 1.1451. Here, we follow the development of the downward structure of June 7. The continuation of the movement towards the bottom is expected after the breakdown of 1.1542. In this case, the target is 1.1511. In the area of 1.1511 – 1.1491 is the consolidation of the price. For the potential value, for the bottom, consider the level of 1.1451. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement, as well as consolidation, are possible in the area of 1.1611 – 1.1640. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.1683. This level is the key support for the downward movement.

The main trend is the downward cycle from June 7.

Trading recommendations:

Buy: 1.1611 Take profit: 1.1638

Buy 1.1641 Take profit: 1.1680

Sell: 1.1540 Take profit: 1.1511

Sell: 1.1490 Take profit: 1.1453

For the GBP / USD pair, the key levels on the scale of H1 are 1.3311, 1.3281, 1.3225, 1.3191, 1.3112, 1.3071 and 1.3030. Here, we follow the development of the downward structure of June 7. Short-term downward movement is expected in the area of 1.3112 – 1.3071. The breakdown of the last value will lead to a movement towards the potential target of 1.3030. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 1.3191 – 1.3225. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.3281. The range of 1.3281 – 1.3311 is the key support for the downward movement. Before reaching this level, we expect the initial conditions for the upward cycle to be formalized.

The main trend is the downward cycle from June 7.

Trading recommendations:

Buy: 1.3191 Take profit: 1.3225

Buy: 1.3228 Take profit: 1.3280

Sell: 1.3112 Take profit: 1.3075

Sell: 1.3068 Take profit: 1.3035

For the USD / CHF pair, the key levels on the scale of H1 are: 1.0092, 1.0048, 1.0025, 0.9990, 0.9949, 0.9924 and 0.9890. Here, we continue to follow the upward cycle from June 7. At the moment, the price is in correction. The continuation of the movement towards the top is expected after the breakdown of 0.9990. In this case, the target is 1.0025. In the area of 1.0025 – 1.0048 is the consolidation of the price. For the potential value for the top, consider the level of 1.0092. The movement towards this level is expected after the breakdown of 1.0050.

Short-term downward movement, as well as consolidation, are possible in the area of 0.9949 – 0.9924. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9890. This level is the key support for the top.

The main trend is the upward cycle from June 7, the correction stage.

Trading recommendations:

Buy: 0.9990 Take profit: 1.0025

Buy: 1.0050 Take profit: 1.0090

Sell: 0.9947 Take profit: 0.9926

Sell: 0.9922 Take profit: 0.9892

For the USD / JPY pair, the key levels on a scale are: 112.24, 111.90, 111.31, 110.92, 110.69, 110.15, 109.79, 109.46 and 108.91. Here, we continue to follow the formation of the local structure for the top of June 8. At the moment, the price is in correction. The continuation of the movement towards the top is expected after passing through the price range of 110.69 – 110.92. In this case, the target is 111.31. For the potential value of the top, consider the level of 112.24. Upon reaching this level, we expect consolidation in the area of 112.24 – 111.90.

Consolidated movement is expected in the range of 110.15 – 109.79. Short-term downward movement is possible in the area of 109.79 – 109.46. The breakdown of the latter value will lead to the development of the downward structure. Here, the potential target is 108.91.

The main trend is a local structure for the top of June 8.

Trading recommendations:

Buy: 110.92 Take profit: 111.30

Buy: 111.33 Take profit: 111.90

Sell: 109.76 Take profit: 109.48

Sell: 109.44 Take profit: 108.95

For the CAD / USD pair, the key levels on the H1 scale are: 1.3454, 1.3400, 1.3340, 1.3260, 1.3219, 1.3159 and 1.3116. Here, we follow the local upward structure of May 31. The continuation of the movement towards the top is expected after the breakdown of 1.3340. In this case, the target is 1.3400. Near this level is the consolidation of the price. For the potential value, for the top, consider the level of 1.3454. From this level, we expect a pullback to the bottom.

Short-term downward movement is possible in the area of 1.3260 – 1.3219. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.3160. The range of 1.3159 – 1.3116 is the key support for the top.

The main trend is the upward structure of May 31.

Trading recommendations:

Buy: 1.3340 Take profit: 1.3400

Buy: 1.3402 Take profit: 1.3452

Sell: 1.3260 Take profit: 1.3220

Sell: 1.3216 Take profit: 1.3160

For the AUD / USD pair, the key levels on the scale of H1 are: 0.7569, 0.7512, 0.7440, 0.7400, 0.7322, 0.7262 and 0.7216. Here, we continue to follow the downward cycle from June 6. The continuation of the movement towards the bottom is expected after the breakdown of the level of 0.7322. Here, the target is 0.7262. In the area of 0.7262 – 0.7216 is the consolidation and from here, we expect a key turn to the top.

Short-term upward movement is possible in the area of 0.7400 – 0.7440. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7512. Initial conditions for the upward cycle is expected to reach 0.7569.

The main trend is the downward cycle from June 6.

Trading recommendations:

Buy: 0.7400 Take profit: 0.7440

Buy: 0.7442 Take profit: 0.7510

Sell: 0.7320 Take profit: 0.7264

Sell: 0.7260 Take profit: 0.7218

For the EUR / JPY pair, the key levels on the scale of H1 are: 129.52, 128.80, 127.80, 126.77, 126.18, 125.08 and 124.15. Here, we follow the development of the downward structure of June 13. Short-term movement towards the bottom is expected in the area of 126.77 – 126.18. The breakdown of the last value will lead to a movement towards the level of 125.08. Near this level is the consolidation of the price. For the potential value of the bottom, consider the level of 124.15. Upon reaching this level, we expect a rollback to the top.

Short-term upward movement is possible in area of 127.80 – 128.29. The breakdown of the last value will lead to in-depth correction. Here, the target is 128.80. This level is the key support for the downward structure from June 13. Its breakdown will lead to the development of an upward structure. In this case, the potential goal is129.52.

The main trend is the downward structure of June 13.

Trading recommendations:

Buy: 127.80 Take profit: 128.25

Buy: 128.32 Take profit: 128.80

Sell: 126.75 Take profit: 126.20

Sell: 126.14 Take profit: 125.15

For the GBP / JPY pair, the key levels on the scale of H1 are: 146.58, 146.20, 145.66, 145.31, 144.47, 143.96, 143.16 and 142.69. Here, we follow the development of the downward cycle of July 7. The continuation of the movement towards the bottom is expected after the breakdown of the level of 144.47. In this case, the target is 143.96. Near this level is the consolidation of the price. The breakdown of 143.95 should be accompanied by a pronounced movement towards the level of 143.16. For the potential value of the bottom, consider the level of 142.69. From this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 145.31 – 145.66. The breakdown of the last value will lead to in-depth correction. Here, the target is 146.20. The range of 146.20 – 146.58 is the key support for the downward structure, Before reaching this level, we expect the initial conditions for the upward cycle to be formalized.

The main trend is the downward cycle from June 7.

Trading recommendations:

Buy: 145.31 Take profit: 145.65

Buy: 145.70 Take profit: 146.20

Sell: 144.45 Take profit: 144.00

Sell: 143.95 Take profit: 143.20

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

Source:: Fractal analysis for major currency pairs as of June 21