Fractal analysis of main currency pairs on July 8, 2020

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For the euro/dollar pair, the price has formed the potential for the top of July 1. We expect further development of this structure after the breakdown of the level of 1.1312. The level of 1.1245 is the key support. For the pound/dollar pair, the main development of the upward trend is expected after the breakdown of the level of 1.2630. For the dollar/franc pair, the price is in a correction from the downward structure. The level of 0.9449 is the key support. For the dollar/yen pair, the resumption of the upward trend of June 23 is expected after the breakdown of the level of 107.95. The level of 107.37 is the key support. For the euro/yen pair, we are expected to continue the development of the upward trend of June 26 after passing through the noise range of 121.66 – 121.87. For the pound/yen pair, the continuation of the development of the ascending structure from June 29 is expected after the breakdown of 135.50. The level of 134.33 is the key support.

Forecast for July 8:

Analytical review of currency pairs on the scale of H1:

The key levels for the euro / dollar pair on the H1 scale are: 1.1424, 1.1393, 1.1349, 1.1312, 1.1274, 1.1245 and 1.1183. Here, we are following the ascending structure of July 1. We expect further upward movement after the breakdown of the level of 1.1312. In this case, the target is 1.1349. Price consolidation is near this level. The price passing the level of 1.1350 should be accompanied by a pronounced upward movement. In this case, the target is 1.1393. For the potential value for the top, we consider the level of 1.1424. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 1.1274 – 1.1245. The breakdown of the last level will lead to the formation of a downward structure. In this case, the potential target is 1.1183. We expect the initial conditions for the bottom to be formed to this level.

The main trend is the potential for the top of July 1

Trading recommendations:

Buy: 1.1312 Take profit: 1.1346

Buy: 1.1350 Take profit: 1.1390

Sell: 1.1274 Take profit: 1.1247

Sell: 1.1243 Take profit: 1.1185

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The key levels for the pound / dollar pair on the H1 scale are: 1.2749, 1.2696, 1.2630, 1.2597, 1.2525,, 1.2490 and 1.2447. Here, we are following the development of the upward cycle of June 30. We expect short-term upward movement in the range of 1.2597 – 1.2630. The breakdown of the last level should be accompanied by a pronounced upward movement. Here, the target is 1.2696. We consider the level 1.2749 to be a potential value for the top; upon reaching this level, we expect consolidation, as well as a downward pullback.

We expect a short-term downward movement in the range of 1.2525 – 1.2490. The breakdown of the last level will lead to a deeper correction. Here, the target is 1.2447. This is a key support level for the top.

The main trend is the upward structure of June 30

Trading recommendations:

Buy: 1.2597 Take profit: 1.2630

Buy: 1.2632 Take profit: 1.2694

Sell: 1.2525 Take profit: 1.2492

Sell: 1.2489 Take profit: 1.2448

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The key levels for the dollar / franc pair on the H1 scale are: 0.9497, 0.9449, 0.9434, 0.9407, 0.9389, 0.9363 and 0.9346. Here, we follow the descending structure of June 30th. We expect a short-term downward movement, as well as consolidation in the range of 0.9407 – 0.9389. The breakdown of the level of 0.9389 should be accompanied by a pronounced downward movement. Here, the target is 0.9363. For the potential value for the bottom, we consider the level of 0.9346. Upon reaching which, we expect consolidation, as well as an upward pullback.

We expect a short-term upward movement in the range of 0.9434 – 0.9449. The breakdown of the last level will lead to a deeper correction. Here, the target is 0.9469. This is a key support level for the bottom and the price passing this level will lead to the formation of initial conditions for the upward cycle. In this case, the target is 0.9497.

The main trend is the downward structure of June 30

Trading recommendations:

Buy : 0.9435 Take profit: 0.9448

Buy : 0.9450 Take profit: 0.9469

Sell: 0.9405 Take profit: 0.9390

Sell: 0.9387 Take profit: 0.9365

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The key levels for the dollar / yen pair on the scale are : 108.86, 108.45, 108.28, 107.95, 107.57, 107.37 and 107.01. Here, the price has entered an equilibrium state. We are waiting for the formation of a local ascending structure to continue moving to the top. The continuation of the upward movement is expected after the breakdown of the level of 107.95. In this case, the target is 108.28. Price consolidation is in the range of 108.28 – 108.45. For the potential value for the top, we consider the level of 108.86. Upon reaching which, we expect a downward pullback.

A consolidated movement is possible in the range of 107.57 – 107.37. The breakdown of the last level will lead to a deeper correction. Here, the goal is 107.01. This is a key support level for the top.

The main trend is the equilibrium situation

Trading recommendations:

Buy: 107.95 Take profit: 108.28

Buy : 108.47 Take profit: 108.86

Sell: 107.55 Take profit: 107.38

Sell: 107.35 Take profit: 107.05

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The key levels for the Canadian dollar / US dollar pair on the H1 scale are: 1.3658, 1.3638, 1.3614, 1.3579, 1.3555, 1.3516 and 1.3479. Here, the price is in correction from the downward structure of July 26 and forms the potential for the top of July 6. We expect further development of the ascending structure from July 6 after the breakdown of the level of 1.3614. In this case, the potential target is 1.3658. We expect the expressed initial conditions for the upward cycle before the noise range of 1.3638 is 1.3658.

A short-term downward movement is possible in the range of 1.3579 – 1.3555. The breakdown of the last level will lead to the subsequent development of a downward trend. Here, the first goal is 1.3516. The breakdown of which, in turn, will allow us to count on movement to the level of 1.3480.

The main trend is the descending structure of July 26, the correction stage

Trading recommendations:

Buy: 1.3615 Take profit: 1.3638

Buy : Take profit:

Sell: 1.3579 Take profit: 1.3555

Sell: 1.3553 Take profit: 1.3516

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The key levels for the Australian dollar / dollar pair on the H1 scale are : 0.7095, 0.7056, 0.7037, 0.7008, 0.6986, 0.6953, 0.6933 and 0.6898. Here, we are following the upward cycle of June 30. A short-term upward movement in the range 0.6986 – 0.7008 is expected. The breakdown of the last level should be accompanied by a pronounced upward movement. Here, the target is 0.7037. Price consolidation is in the range of 0.7037 – 0.7056, and from here, a downward reversal is very likely. For the potential value for the top, we consider the level of 0.7095. Upon reaching which, we expect a downward pullback.

A consolidated movement is possible in the range 0.6953 – 0.6933. The breakdown of the last level will lead to a deeper correction. Here, the target is 0.6898. This is a key support level for the top.

The main trend is the upward cycle of June 30, the correction stage

Trading recommendations:

Buy: 0.6987 Take profit: 0.7006

Buy: 0.7010 Take profit: 0.7037

Sell : 0.6953 Take profit : 0.6935

Sell: 0.6932 Take profit: 0.6900

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The key levels for the euro / yen pair on the H1 scale are: 122.91, 122.47, 121.87, 121.66, 121.22, 120.94, 120.51 and 120.12. Here, we follow the ascending structure of June 26th. A short-term upward movement in the range of 121.66 – 121.87 is expected. The breakdown of the last level will lead to a pronounced upward movement. Here, the target is 122.47. Price consolidation is near this level. We consider the level of 122.91 to be a potential value for the top. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 121.22 – 120.94. The breakdown of the last level will lead to a deeper movement. Here, the target is 120.51. This is a key support level for the top and its breakdown will lead to the formation of a downward structure. In this case, the potential target is 120.12.

The main trend is the local upward structure of June 26

Trading recommendations:

Buy: 121.88 Take profit: 122.45

Buy: 122.49 Take profit: 122.90

Sell: 121.20 Take profit: 120.95

Sell: 120.92 Take profit: 120.55

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The key levels for the pound / yen pair on the H1 scale are : 137.13, 136.73, 135.98, 135.49, 134.68, 134.33 and 133.77. Here, we follow the development of the ascending structure of June 29. We expect a short-term upward movement in the range of 135.49 – 135.98. The breakdown of the last level will lead to a pronounced upward movement. Here, the target is 136.73. For the potential value for the top, we consider the level 137.13. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement in the range 134.68 – 134.33 is expected. The breakdown of the last level will lead to a deeper correction. Here, the target is 133.77. This is a key support level for the top.

The main trend is the upward structure of June 29

Trading recommendations:

Buy: 135.50 Take profit: 135.96

Buy: 136.00 Take profit: 136.70

Sell: 134.67 Take profit: 134.33

Sell: 134.31 Take profit: 133.78

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

Source:: Fractal analysis of main currency pairs on July 8th

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