25.07.201711:03 Forex Analysis & Reviews: Fractal analysis of the major currency pairs for July 24

Dear colleagues.

For the pair Euro / Dollar, the continuation of the upward movement is expected after the breakdown of 1.1685. For the Pound / Dollar pair, the price is still in correction from the descending structure, the level of 1.3051 is the key support. On the Dollar / Frank pair, the descending structure of July 20 is considered as local initial conditions. For the pair Dollar / Yen, we have expanded the potential for the bottom to 109.52. For the pair Euro / Yen, we are monitoring the formation of the potential for the top of July 19, while the price is in the zone of initial conditions. For the Pound / Yen pair, the continuation of the movement downwards is expected after the breakdown at 143.65.

Forecast for July 24:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, key levels on the scale of H1 are: 1.1749, 1.1714, 1.1683, 1.1654, 1.1633, 1.1599 and 1.1574. Here, the continuation of the upward movement is expected after the breakdown of the level of 1.1683. In this case, the target is 1.1714. The consolidation is near this level, and hence the probability of leaving the correction is high. The level of 1.1749 is a potential value for the upward cycle.

Short-term downward movement is possible in the corridor of 1.1654 - 1.1633. Breakdown of the last value will lead to an in-depth correction. Here, the target is 1.1599 and the range of 1.1599-1.1744 is the key support for the top. Before it, we expect the initial conditions for the downward cycle.

The main trend is the local structure for the top of July 13.

Trading recommendations:

Buy: 1.1685 Take profit: 1.1712

Buy: 1.1716 Take profit: 1.1745

Sell: 1.1654 Take profit: 1.1635

Sell: 1.1630 Take profit: 1.1600

For the Pound / Dollar pair, key levels on the scale of H1 are: 1.3051, 1.3014, 1.2995, 1.2911, 1.2880, 1.2836 and 1.2811. Here, we continue to follow the downward structure from July 18. At the moment, the price is in correction. The continued downward movement is expected after the breakdown of 1.2911. In this case, the target is 1.2880 and near this level is the consolidation of the price. The break of 1.2880 should be accompanied by a pronounced downward movement. Here, the target is 1.2836 and the potential value for the bottom is the level of 1.2811, after which we expect consolidation.

Short-term upward movement is possible in the corridor of 1.2995 - 1.3014 and the breakdown of the last value will lead to in-depth correction. Here, the target is 1.3051 and this level is the key support for the downward cycle from July 18.

The main trend is the downward structure of July 18.

Trading recommendations:

Buy: 1.2995 Take profit: 1.3012

Buy: 1.3016 Take profit: 1.3050

Sell: 1.2910 Take profit: 1.2883

Sell: 1.2878 Take profit: 1.2836

For the pair Dollar / Frank, the key levels on the scale of H1 are: 0.9525, 0.9493, 0.9468, 0.9440, 0.9397 and 0.9362. Here, the continuation of the development of the downward structure from July 20 is expected after the breakdown of 0.9440. In this case, the target is 0.9397. The potential value for the bottom is the level of 0.9362, upon reaching which, we expect a rollback upward.

Short-term uptrend is possible in the corridor of 0.9468 - 0.9493. The breakdown of the last value will lead to in-depth movement. Here, the target is 0.9525 and this level is the key support for the downward structure.

The main trend is a local downward structure from July 20.

Trading recommendations:

Buy: 0.9468 Take profit: 0.9492

Buy: 0.9495 Take profit: 0.9525

Sell: 0.9440 Take profit: 0.9400

Sell: 0.9395 Take profit: 0.9364

For the pair Dollar / Yen, key levels on the scale are: 112.29, 111.84, 111.59, 111.24, 110.57, 110.24 and 109.52. Here, we continue to follow the development of the downward structure from July 11. Short-term downward movement is expected in the corridor of 110.57 - 110.24 and the breakdown of the last value will lead to a movement to the potential target of 109.52, upon reaching which, we expect a rollback into the correction.

The correction is possible after the breakdown of 111.24. Here, the target is 111.59 and the range of 111.59 - 111.84 is the key support for the downward structure. Its passage by the price will have to create initial conditions for the upward cycle, in this case the target is 112.29.

The main trend is the downward structure of July 11.

Trading recommendations:

Buy: 111.26 Take profit: 111.59

Buy: 111.86 Take profit: 111.25

Sell: 110.55 Take profit: 110.26

Sell: 110.22 Take profit: 109.55

For the Canadian Dollar / Dollar pair, the key levels on the H1 scale are: 1.3021, 1.2877, 1.2778, 1.2559, 1.2460 and 1.2388. Here, we follow the downward cycle from June 8th. The continuation of the downward movement is expected after the breakdown of 1.2559. In this case, the target is 1.2460 and in the corridor of 1.2460 - 1.2388 is the price consolidation. From here, we expect the key withdrawal to correction.

Short-term upward movement is possible in the corridor of 1.2778 - 1.2877 and the breakdown of the last value will lead to in-depth correction. Here, the target is 1.3021.

The main trend is the downward cycle from June 8.

Trading recommendations:

Buy: 1.2778 Take profit: 1.2875

Buy: 1.2880 Take profit: 1.3020

Sell: 1.2556 Take profit: 1.2465

Sell: Take profit:

For the Australian Dollar / Dollar pair, key levels on the scale of H1 are: 0.8039, 0.7970, 0.7905, 0.7822, 0.7777 and 0.7708. Here, for the time being, we continue to follow the upward structure of May 9. In the range of 0.7905 - 0.7971 is the price consolidation and hence the likelihood of avoiding a prolonged correction on the scale of H1 is high. The limiting value for this structure is the level of 0.8039, the movement to which we regard as unstable.

Short-term downward movement, possibly in the corridor of 0.7822 - 0.7777 and the breakdown of the last value will lead to in-depth correction. Here, the target is 0.7708 and this level is the key support on the scale of H4.

The main trend is the upward structure of May 9, we expect a correction.

Trading recommendations:

Buy: Take profit:

Buy: Take profit:

Sell: 0.7820 Take profit: 0.7780

Sell: 0.7772 Take profit: 0.7710

For the pair of Euro / Yen, the key levels on the scale of H1 are: 131.62, 130.72, 130.39, 129.62, 129.21 and 128.54. Here, we monitor the formation of the upstream potential from July 19. At the current moment, the price is in the zone of initial conditions. Short-term upward movement is expected in the corridor of 130.39 - 130.72 and the breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 131.62 and near this level is the consolidation.

The range of 129.62 - 129.21 is the key support for the top and its passage by the price will have the development of a downward movement. Here, the target is -128.54.

The main trend is the formation of the upward structure of July 19.

Trading recommendations:

Buy: 130.40 Take profit: 130.70

Buy: 130.75 Take profit: 130.60

Sell: 129.18 Take profit: 128.56

Sell: Take profit:

For the Pound / Yen pair, the key levels on the scale of H1 are: 146.70, 145.55, 144.88, 144.53, 143.69, 143.08, 142.22 and 141.77. Here, we follow the development of the downward structure of July 17. The continuation of the movement downwards is expected after the breakdown of 143.69. In this case, the target is 143.10 and at this level is the consolidation of the price. The level of 143.05 should be accompanied by a pronounced downward movement. Here, the target is 142.22. The potential value for the bottom is the level of 141.77, after which we expect a consolidation and a rollback into the correction.

Short-term upward movement is possible in the corridor of 144.53 - 144.88 and the breakdown of the last value will lead to in-depth movement. Here, the target is 145.55 and this level is the key support for the downward structure. Its passage by the price will have to form the initial conditions for the upward cycle. Here, the potential target is 146.70 .

The main trend is the downward structure of July 17.

Trading recommendations:

Buy: 144.90 Take profit: 145.55

Buy: 145.60 Take profit: 146.70

Sell: 143.69 Take profit: 143.12

Sell: 143.05 Take profit: 142.25