09.02.202110:07 Forex Analysis & Reviews: Fractal analysis of major currency pairs on February 9

Outlook on February 9:

Analytical review of popular currency pairs on the hourly chart:

The key levels for the EUR/USD pair are 1.2166, 1.2133, 1.2118, 1.2094, 1.2068, 1.2053, 1.2029 and 1.2014. Following the upward trend from February 5, we expect the pair to continue rising after the level of 1.2094 is broken, with the target set at 1.2118. Meanwhile, a short-term growth, with consolidation can be noted in the range of 1.2118 - 1.2133. The final upward target is the level of 1.2166. After reaching it, the price may consolidate and pullback downwards.

A short-term decline, in turn, is possible in the range of 1.2068 - 1.2053. If the last value is broken, a deep correction will occur, with a target of 1.2029. The key support is the range of 1.2029 - 1.2014.

The main trend is the upward trend from February 5

Trading recommendations:

Buy: 1.2094 Take profit: 1.2118

Buy: 1.2134 Take profit: 1.2166

Sell: 1.2068 Take profit: 1.2054

Sell: 1.2051 Take profit: 1.2029

The key levels for the GBP/USD pair are 1.3976, 1.3889, 1.3842, 1.3792, 1.3731, 1.3666, 1.3629 and 1.3562. Following the development of the bullish trend from February 4, we expect the pair to further rise after breaking through the level of 1.3792, with a target of 1.3842. A short-term growth and consolidation are possible in the range of 1.3842 - 1.3889. The final potential upward target is 1.3976. Once this level is reached, price consolidation and downward pullback can be expected.

Meanwhile, a correction is possible after the level of 1.3731 is broken, with the target located at 1.3666. The key support is the range of 1.3666 - 1.3629. The price overcoming it will lead to the continuation of the downward trend. In this case, the target is 1.3562.

The main trend is the upward trend from February 4

Trading recommendations:

Buy: 1.3793 Take profit: 1.3842

Buy: 1.3843 Take profit: 1.3889

Sell: 1.3730 Take profit: 1.3666

Sell: 1.3629 Take profit: 1.3562

The key levels for the USD/CHF pair are 0.9015, 0.8992, 0.8977, 0.8938, 0.8921, 0.8903 and 0.8890. Following the development of the downward trend from February 5, we expect the pair to make a short-term decline in the range of 0.8938 - 0.8921. Once the last value is broken, a strong decline can be expected, with a target of 0.8903. Price consolidation is set in the range of 0.8903 - 0.8890.

On another note, short-term growth is possible in the range of 0.8977 - 0.8992. Upon the breakdown of the last value, a deep correction will occur, which will lead us to the target of 0.9015. This is the key support level.

The main trend is the downward trend from February 5

Trading recommendations:

Buy: 0.8977 Take profit: 0.8990

Buy: 0.8994 Take profit: 0.9015

Sell: 0.8938 Take profit: 0.8923

Sell: 0.8920 Take profit: 0.8903

The key levels for the USD/JPY are 105.31, 105.09, 104.94, 104.71, 104.52, 104.34 and 104.20. Following the bearish trend from February, the pair is expected to make a short-term decline in the range of 104.71 - 104.52. If the last value is broken, it will further fall to the level of 104.34. The price may consolidate in the range of 104.34 - 104.20, hence a pullback into correction is expected.

A short-term growth is expected in the range of 104.94 - 105.09. The breakdown of the last value will lead to a deep correction, targeting the level of 105.31. This is the key support level.

The main trend is the downward trend from February 5

Trading recommendations:

Buy: 104.95 Take profit: 105.09

Buy: 105.11 Take profit: 105.30

Sell: 104.70 Take profit: 104.53

Sell: 104.50 Take profit: 104.35

The key levels for the USD/CAD pair are 1.2891, 1.2851, 1.2822, 1.2783, 1.2704, 1.2683, 1.2650 and 1.2589. The pair is expected to continue ascending after level of 1.2783 is broken, with a target set at 1.2822. In this case, short-term growth and consolidation are possible in the range of 1.2822 - 1.2861. The ultimate potential upward target is the level of 1.2891. After reaching this level, the price will likely consolidate.

A short-term decline, on the contrary, is expected in the range of 1.2704 - 1.2683. If the last value is broken, the downward trend will possibly develop, with the first potential target of 1.2650.

The main trend is the upward trend of January 21, correction stage

Trading recommendations:

Buy: 1.2783 Take profit: 1.2822

Buy: 1.2824 Take profit: 1.2850

Sell: 1.2683 Take profit: 1.2650

Sell: 1.2648 Take profit: 1.2590

The key levels for the AUD/USD pair are 0.7824, 0.7784, 0.7766, 0.7741, 0.7702, 0.7683, 0.7660 and 0.7641. Following the development of the upward trend from February 2, we expect the pair to continue moving up once the level of 0.7741 is broken, with the target set at 0.7766. A short-term growth as well as consolidation will follow in the range of 0.7766 - 0.7784. The final upward target is the level of 0.7824. After reaching it, a downward pullback is possible.

In turn, short-term decline is possible in the range of 0.7702 - 0.7683. If the last value is broken, a deep correction will occur, with the target of 0.7660. The key support is the range of 0.7660 - 0.7641.

The main trend is the upward trend from February 2

Trading recommendations:

Buy: 0.7741 Take profit: 0.7766

Buy: 0.7785 Take profit: 0.7824

Sell: 0.7702 Take profit: 0.7684

Sell: 0.7681 Take profit: 0.7660

The key levels for the EUR/JPY pair are 128.09, 127.82, 127.56, 127.23, 127.03, 126.70, 126.48 and 126.04. The price of the pair is forming an upward potential from February 4. Thus, we expect it to continue moving upwards after the noise range 127.03 - 127.23 is broken through. In this case, the target is 127.56. A short-term upward movement, with consolidation can be considered in the range of 127.56 - 127.82. The ultimate potential target is 128.09. Once this level is reached, a downward pullback can be expected.

A short-term decline is possible in the range of 126.70 - 126.48. If the last value is broken, it will favor the development of a downward trend. The potential target will be 126.04.

The main trend is the formation of an upward potential from February 4

Trading recommendations:

Buy: 127.25 Take profit: 127.55

Buy: 127.57 Take profit: 127.80

Sell: Take profit:

Sell: 126.44 Take profit: 126.04

The key levels for the GBP/JPY pair are 146.44, 146.12, 145.66, 144.46, 144.00, 143.66 and 142.80. Following the local upward trend from February 4, we expect the price to make a short-term growth in the range of 145.24 - 145.66. After breaking the last value, strong growth will resume towards the target of 146.12. The final upward target is the level of 146.44. Once this level is reached, price consolidation and downward pullback are possible.

In turn, a short-term decline is expected in the range of 144.46 - 144.00. The key support is the range of 144.00 - 143.66. If the price overcomes this range, the downward trend will continue to develop. The potential target is 142.80.

The main trend is the upward trend from January 18 and the local upward trend from February 4

Trading recommendations:

Buy: 145.26 Take profit: 145.66

Buy: 145.68 Take profit: 146.12

Sell: 144.44 Take profit: 144.02

Sell: 143.64 Take profit: 142.80