Fractal analysis of the main currency pairs for Jan 31, 2020

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Forecast for January 31:

Analytical review of currency pairs on the scale of H1:

For the euro / dollar pair, the key levels on the H1 scale are: 1.1084, 1.1052, 1.1035, 1.0995, 1.0964 and 1.0945. Here, we continue to monitor the downward structure from January 16. At the moment, the price is in the correction zone. The continuation of the movement to the bottom is expected after the breakdown of the level of 1.0995. In this case, the target is 1.0964. For the potential value for the bottom, we consider the level of 1.0945. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possibly in the range of 1.1035 – 1.1052. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 1.1084. This level is a key support for the downward structure. We expect the initial conditions for the upward cycle to be formed before it.

The main trend is the descending structure of January 16

Trading recommendations:

Buy: 1.1035 Take profit: 1.1051

Buy: 1.1054 Take profit: 1.1082

Sell: 1.0995 Take profit: 1.0970

Sell: 1.0964 Take profit: 1.0947

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For the pound / dollar pair, the key levels on the H1 scale are: 1.3246, 1.3210, 1.3159, 1.3118, 1.3075, 1.3055 and 1.3026. Here, the price forms a pronounced upside potential for January 30. The continuation of the movement to the top is expected after the breakdown of the level of 1.3118. In this case, the target is 1.3159. Price consolidation is near this level. The breakdown of the level of 1.3160 will lead to a pronounced movement. Here, the target is 1.3210. Price consolidation is also near this level. For the potential value for the top, we consider the level of 1.3246, upon reaching which, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 1.3075 – 1.3055. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.3026. This level is a key support for the top.

The main trend is the formation of potential for the upward cycle of January 30

Trading recommendations:

Buy: 1.3118 Take profit: 1.3157

Buy: 1.3160 Take profit: 1.3210

Sell: 1.3075 Take profit: 1.3055

Sell: 1.3053 Take profit: 1.3026

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9767, 0.9734, 0.9715, 0.9699, 0.9673, 0.9644, 0.9610 and 0.9590. Here, we are following the formation of the descending structure of January 29. The continuation of movement to the bottom is expected after the breakdown of the level of 0.9673. In this case, the target is 0.9644. Price consolidation is near this level. The breakdown of the level of 0.9644 will lead to the development of pronounced movement. Here, the goal is 0.9610. For the potential value for the top, we consider the level of 0.9590. Upon reaching which, we expect a pullback to the top.

Short-term upward movement is possibly in the range of 0.9699 – 0.9715. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.9734. This level is a key support for the downward structure.

The main trend is the formation of the downward structure of January 29

Trading recommendations:

Buy : 0.9700 Take profit: 0.9714

Buy : 0.9716 Take profit: 0.9732

Sell: 0.9672 Take profit: 0.9646

Sell: 0.9642 Take profit: 0.9612

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For the dollar / yen pair, the key levels on the scale are : 109.43, 109.20, 109.01, 108.65, 108.47 and 108.25. Here, we are following the downward cycle of January 17. At the moment, the price is in correction. Short-term downward movement is possible in the range of 108.65 – 108.47. The breakdown of the last value will lead to a movement to a potential target – 108.25, and upon reaching this level, we expect a pullback to the top.

Consolidated movement is possibly in the range of 109.01 – 109.20. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 109.43. This level is a key support for the downward structure.

Main trend: potential downward structure of January 17, correction stage

Trading recommendations:

Buy: 109.01 Take profit: 109.18

Buy : 109.23 Take profit: 109.40

Sell: 108.65 Take profit: 108.48

Sell: 108.45 Take profit: 108.25

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3312, 1.3271, 1.3238, 1.3203, 1.3178, 1.3157 and 1.3126. Here, we are following the development of the upward cycle of January 22. The continuation of the movement to the top is expected after the breakdown of the level of 1.3203. In this case, the target is 1.3238. Price consolidation is near this level. There is a short-term upward movement in the range of 1.3238 – 1.3271, hence, a reversal to a correction is also possible. The potential value for the top is considered to be the level of 1.3312.

Consolidated movement is possibly in the range of 1.3178 – 1.3157. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3126. This level is a key support for the top.

The main trend is the local ascending structure of January 22, the correction stage

Trading recommendations:

Buy: 1.3198 Take profit: 1.3236

Buy : 1.3240 Take profit: 1.3270

Sell: Take profit:

Sell: 1.3155 Take profit: 1.3130

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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 key support for the bottom. We expect the initial conditions for the upward cycle to be formed before it.

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: 0.6694 Take profit: 0.6680

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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, given the situation for the pound / yen, we mainly expect a correction. 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. Upon reaching this level, we expect a pullback in correction.

The main trend is a downward structure from January 16, we expect a correction

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:

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For the pound / yen pair, the key levels on the H1 scale are : 144.17, 143.79, 143.19, 142.53, 142.11, 141.74, 141.21 and 140.30. Here, the price forms a pronounced upside potential for January 30. The continuation of the movement to the top is expected after the breakdown of the level of 143.19. In this case, the goal is 143.79. For the potential value for the top, we consider the level of 144.17. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is expected in the range of 142.53 – 142.11. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 141.74. This level is the key support for the ascending structure. Its breakdown will allow us to count on movement to the level of 141.21, which, in turn, is the key resistance to continue the development of a downward trend.

The main trend is the descending structure of January 22, the correction stage

Trading recommendations:

Buy: 143.20 Take profit: 143.79

Buy: 143.80 Take profit: 144.17

Sell: 142.53 Take profit: 142.13

Sell: 142.10 Take profit: 141.76

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

Source:: Fractal analysis of the main currency pairs for January 31

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