23.01.201808:25 Forex Analysis & Reviews: Fractal analysis for major currency pairs on January 23

Dear colleagues.

For the of EUR / USD pair, we follow the local structure for the top of January 17. The continuation of the upward movement is expected after the breakdown of 1.2296. For the GBP / USD pair, we have expanded the upside potential to 1.4236. For the USD / CHF pair, the price forms the potential from January 19 in correction from the downward structure. For the USD / JPY pair, the price is still in correction from the downward structure. The level of 111.96 is the key support. For the EUR / JPY pair, the continuation of the upward movement is expected after passing the price of the noise range of 136.16 - 136.46. For the GBP / JPY pair, the continuation of the upward movement is expected after the breakdown of 155.35.

Forecast for January 23:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.2411, 1.2359, 1.2336, 1.2294, 1.2264, 1.2169 and 1.2098. Here, we continue to follow the upward structure from January 9. At the moment, the price is in correction. A breakdown at the level of 1.2169 will lead to the development of an in-depth movement towards correction. Here, the target is 1.2098. Up to this level, we expect the formation of initial conditions for a downward cycle. Continued upward movement is expected after passing the price of the noise range of 1.2264 - 1.2294. In this case, the first target is 1.2336. In the area of 1.2336 - 1.2359 is the consolidation of the price. The potential value for the top is the level of 1.2411, upon reaching which we expect a pullback downwards.

The main trend is the upward structure from January 9, the correction stage.

Trading recommendations:

Buy: 1.2296 Take profit: 1.2334

Buy 1.2360 Take profit: 1.2410

Sell: 1.2167 Take profit: 1.2110

Sell: Take profit:

For the GBP / USD pair, the key levels on the scale of H1 are 1.4236, 1.4154, 1.4099, 1.4015, 1.3940, 1.3890, 1.3814 and 1.3731. Here, we follow the formation of the local upward structure of January 16. Continued upward movement is expected after the breakdown of 1.4015. In this case, the target is 1.4099. In the area of 1.4099 - 1.4154 is the consolidation of the price. The potential value for the top is the level of 1.4236, upon reaching which we expect a pullback downwards.

Short-term downward movement is possible in the area of 1.3940 - 1.3890. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.3814. This level is the key support for the top. Passing the price will lead to the development of the downward structure. In this case, the target is 1.3731.

The main trend is the local upward structure of January 16.

Trading recommendations:

Buy: 1.4015 Take profit: 1.4095

Buy: 1.4155 Take profit: 1.4234

Sell: 1.3938 Take profit: 1.3892

Sell: 1.3888 Take profit: 1.3816

For the USD / CHF pair, the key levels in the scale of H1 are: 0.9684, 0.9662, 0.9564, 0.9531 and 0.9498. Here, we follow the downward structure from January 10. At the moment, the price is in correction and forms a small potential for the top of January 19. Continued downward movement is expected after the breakdown of 0.9564. In this case, the target is 0.9531. Near this level, we expect the consolidation of the price. The potential value for the bottom is the level of 0.9498, upon reaching which we expect a rollback to the top.

Short-term upward movement is possible in the area of 0.9662 - 0.9684.

The main trend is a downward structure from January 10, the correction stage.

Trading recommendations:

Buy: 0.9662 Take profit: 0.9682

Buy: Take profit:

Sell: 0.9602 Take profit: 0.9564

Sell: 0.9562 Take profit: 0.9533

For the USD / JPY pair, the key levels on the scale are: 111.96, 111.56, 111.27, 110.22, 109.86, 109.63 and 109.07. Here, we continue to follow the downward structure from January 8. At the moment, the price is in correction. Continued downward movement is expected after the breakdown of 110.20. In this case, the target is 109.86. In the area of 109.86 - 109.63 is the consolidation of the price. The potential value for the bottom is the level of 109.07. The movement towards this level is expected after the breakdown of 109.60.

Short-term upward movement is possible in the area of 111.27 - 111.56. The breakdown of the last value will lead to in-depth correction. Here, the target is 111.96. This level is the key support for the downward structure. Before reaching it, we expect the formation of the initial conditions.

The main trend is the downward cycle from January 8, the correction stage.

Trading recommendations:

Buy: 111.29 Take profit: 111.55

Buy: 111.58 Take profit: 111.94

Sell: 110.20 Take profit: 109.88

Sell: 109.60 Take profit: 109.10

For the CAD / USD pair, the key levels on the H1 scale are: 1.2582, 1.2508, 1.2432, 1.2401, 1.2380, 1.2323 and 1.2287. Here, the situation is in an equilibrium state. The continuation of the movement downwards is expected after the breakdown of 1.2432. In this case, the first target is 1.2401. Short-term downward movement is expected in the area of 1.2401 - 1.2380. The breakdown of the last value should be accompanied by a pronounced movement towards the level of 1.2323. The potential value for the bottom is the level of 1.2287, upon reaching which we expect a departure towards correction.

The development of the upward structure from January 17 is expected after the breakdown of 1.2510. In this case, the potential target is 1.2582.

The main trend is the equilibrium situation.

Trading recommendations:

Buy: 1.2510 Take profit: 1.2580

Buy: Take profit:

Sell: 1.2430 Take profit: 1.2401

Sell: 1.2380 Take profit: 1.2325

For the AUD / USD pair, the key levels on the H1 scale are: 0.8104, 0.8063, 0.8039, 0.8013, 0.7977, 0.7957 and 0.7927. Here, we continue to follow the upward structure of January 9. Continued upward movement is expected after the breakdown of 0.8013. In this case, the target is 0.8039. In the area of 0.8039 - 0.8062 is the consolidation of the price. The potential value for the top is the level of 0.8104, upon reaching which we expect consolidation as well as a pullback to the bottom.

Short-term downward movement is possible in the area of 0.7977 - 0.7957. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7927. This level is the key support for the top.

The main trend is the upward structure of January 9.

Trading recommendations:

Buy: 0.8015 Take profit: 0.8039

Buy: 0.8042 Take profit: 0.8062

Sell: 0.7977 Take profit: 0.7958

Sell: 0.7955 Take profit: 0.7930

For the EUR / JPY pair, the key levels on the scale of H1 are: 137.47, 137.06, 136.46, 136.16, 135.35, 135.03, 134.62 and 134.04. Here, we continue to follow the upward structure of January 10. The continuation of the upward movement is expected after passing the price of the noise range of 136.161 136.46. In this case, the target is 137.06. The potential value for the top is the level of 137.47, upon reaching which we expect consolidation as well as a pullback to the bottom.

Short-term downward movement is possible in the area of 135.35 - 135.03. The breakdown of the last value will lead to in-depth correction. Here, the target is 134.62. This level is the key support for the top. Passing the price will lead to a downward structure. In this case, the target is 134.04.

The main trend is the upward structure of January 10.

Trading recommendations:

Buy: 136.48 Take profit: 137.05

Buy: 137.08 Take profit: 137.45

Sell: 135.03 Take profit: 134.64

Sell: 134.60 Take profit: 134.06

For the GBP / JPY pair, the key levels on the scale of H1 are: 158.22, 156.88, 156.29, 155.33, 154.39, 153.74, 152.83 and 151.86. Here, we follow the upward cycle of January 11. Continued upward movement is expected after the breakdown of 155.33. In this case, the target is 156.29. In the area of 156.29 - 156.88 is the consolidation of the price. The potential value for the top is the level 158.22, upon reaching which we expect a pullback downwards.

Short-term downward movement is possible in the area of 154.39 - 153.74. The breakdown of the last value will lead to in-depth movement. Here, the target is 152.83. This level is the key support for the upward trend. Passing the price will lead to the development of a downward structure. In this case, the potential target is 151.86.

The main trend is the upward cycle of January 11.

Trading recommendations:

Buy: 155.35 Take profit: 156.29

Buy: 156.90 Take profit: 158.20

Sell: 154.39 Take profit: 153.74

Sell: 153.72 Take profit: 152.85