Fractal analysis for major currency pairs as of January 17

By | January 17, 2020
InstaForex
Fractal analysis for major currency pairs as of January 17

Hello, dear colleagues.

For the Euro/Dollar pair, we expect the continuation of the upward structure from January 10 after the breakdown of 1.1151. For the Pound/Dollar pair, we follow the formation of an upward structure from January 14 and the level of 1.2994 is the key support. For the Dollar/Franc pair, the price is in the correction of the downward structure from January 10 and the level of 0.9691 is the key support. For the Dollar/Yen pair, we expect the continuation of the downward cycle from January 8 after the breakdown of 110.40. For the Euro/Yen pair, we expect a resumption of the upward movement after the breakdown of 122.70 and the level of 121.80 is the key support. For the Pound/Yen pair, we expect the subsequent development of the upward cycle from January 3 after the breakdown of 144.53.

Forecast for January 17:

Analytical review of currency pairs on the H1 scale:

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For the Euro/Dollar pair, the key levels on the H1 scale are 1.1204, 1.1177, 1.1151, 1.1115, 1.1087, and 1.1058. We follow the formation of the upward structure from January 10 as the main trend. We expect the upward movement to continue after the breakout of 1.1151. In this case, the goal is 1.1177, and consolidation is near this level. The breakdown of the level of 1.1177 will allow us to count on the movement towards the potential target – 1.1204.

The level of 1.1115 is the key support for the top. Its passage by the price will lead to the development of a downward movement. In this case, the first target is 1.1087. We consider the level of 1.1058 as a potential value for the bottom.

The main trend is the upward structure from January 10.

Trading recommendations:

Buy: 1.1153 Take profit: 1.1175

Buy: 1.1178 Take profit: 1.1204

Sell: 1.1113 Take profit: 1.1090

Sell: 1.1085 Take profit: 1.1060

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For the Pound/Dollar pair, the key levels on the H1 scale are 1.3243, 1.3178, 1.3126, 1.3082, 1.3027, 1.2994, and 1.2953. We follow the formation of the upward structure from January 14. We expect a short-term upward movement in the range of 1.3082-1.3126. The breakdown of the last value will allow us to count on a move to the level of 1.3178, and consolidation is near this value. We consider the level of 1.3243 as a potential value for the top, upon reaching which we expect a pullback.

A short-term downward movement is possible in the area of 1.3027-1.2994, hence there is a high probability of an upward reversal. A breakdown of the level of 1.2994 will lead to the development of a downward movement. In this case, the target is 1.2953.

The main trend is the formation of an upward structure from January 14.

Trading recommendations:

Buy: 1.3082 Take profit: 1.3124

Buy: 1.3127 Take profit: 1.3176

Sell: 1.3025 Take profit: 1.2996

Sell: 1.2992 Take profit: 1.2954

analytics5e218e06dfc15.png

For the Dollar/Franc pair, the key levels on the H1 scale are 0.9691, 0.9667, 0.9650, 0.9623, 0.9597, 0.9581, and 0.9551. We follow the development of the downward cycle from January 10. At the moment, the price is in the correction zone. We expect the downward movement to continue after the breakout of 0.9623. In this case, the target is 0.9597 and in the area of 0.9597-0.9581 is the price consolidation. We consider the level of 0.9551 as a potential value for the bottom, after which we expect a pullback to the top.

A short-term upward movement is possible in the area of 0.9650-0.9667 and the breakdown of the last value will lead to a deep correction. The target is 0.9691 and this level is the key support for the bottom.

The main trend is the initial conditions for the bottom from January 10, the correction stage.

Trading recommendations:

Buy: 0.9650 Take profit: 0.9665

Buy: 0.9668 Take profit: 0.9690

Sell: 0.9621 Take profit: 0.9598

Sell: 0.9580 Take profit: 0.9551

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For the Dollar/Yen pair, the key levels in the H1 scale are 111.38, 110.78, 110.39, 109.81, 109.58, and 109.23. We follow the development of the upward cycle from January 8. At the moment, we expect to reach the level of 110.39. The breakdown of which will allow us to count on the movement to the level of 110.78 and consolidation is near this value. The breakdown of 110.80 should be accompanied by a pronounced upward movement. The potential target is 111.38.

A short-term downward movement is possible in the range of 109.81-109.58 and the breakdown of the last value will lead to an in-depth correction. The target is 109.23 and this level is the key support for the top.

The main trend is the upward cycle of January 8.

Trading recommendations:

Buy: 110.40 Take profit: 110.76

Buy: 110.80 Take profit: 111.35

Sell: 109.80 Take profit: 109.58

Sell: 109.55 Take profit: 109.25

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For the Canadian dollar/Dollar pair, the key levels on the H1 scale are 1.3157, 1.3126, 1.3112, 1.3090, 1.3062, 1.3040, and 1.3015. We follow the development of the upward cycle from January 7. We expect the upward movement to continue after the breakdown of 1.3090. In this case, the target is 1.3112 and in the area of 1.3112-1.3126 is the consolidation. We consider the level of 1.3157 as a potential value for the top; upon reaching this level, we expect a downward rollback.

The short-term downward movement, as well as consolidation, are possible in the area of 1.3040-1.3015. The breakdown of the latter value will lead to the formation of initial conditions for the downward cycle. In this case, the potential target is 1.2988.

The main trend is the upward cycle from January 7, the correction stage.

Trading recommendations:

Buy: 1.3090 Take profit: 1.3112

Buy: 1.3126 Take profit: 1.3155

Sell: 1.3038 Take profit: 1.3017

Sell: 1.3013 Take profit: 1.2990

analytics5e218e598f178.png

For the Australian dollar/Dollar pair, the key levels on the H1 scale are 0.6972, 0.6955, 0.6933, 0.6915, 0.6887, 0.6871, 0.6851, 0.6827, and 0.6793. We follow the formation of the upward structure from January 9. The short-term upward movement is expected in the area of 0.6915-0.6933 and the breakdown of the last value will lead to a pronounced movement. The target is 0.6955. We consider the level 0.6972 as a potential value for the top; upon reaching this value, we expect consolidation, as well as a downward rollback.

We expect a short-term downward movement in the range of 0.6887-0.6871 and the breakdown of the last value will lead to the subsequent development of the downward structure. The first target is 0.6851. We consider the level of 0.6793 as a potential value for the bottom, which we expect to move to after the breakout of 0.6825.

The main trend is the downward structure from December 31, the formation of the potential for the top from January 9.

Trading recommendations:

Buy: 0.6915 Take profit: 0.6930

Buy: 0.6935 Take profit: 0.6955

Sell: 0.6887 Take profit: 0.6873

Sell: 0.6870 Take profit: 0.6852

analytics5e218e7946787.png

For the Euro/Yen pair, the key levels on the H1 scale are 123.89, 123.32, 123.06, 122.33, 122.09, and 121.80. We follow the development of the upward cycle from January 8. We expect further upward movement after the breakdown of 122.70. In this case, the first target is 123.06 and in the area of 123.06-123.32 is the short-term upward movement, as well as consolidation. A breakdown of the level of 123.35 will lead to a movement to a potential target of 123.89, from this level, we expect a pullback downwards.

A short-term downward movement is possible in the area of 122.33-122.09 and the breakdown of the last value will lead to an in-depth correction. The target is 121.80 and this level is the key support for the upward structure.

The main trend is an upward cycle from January 8.

Trading recommendations:

Buy: 122.70 Take profit: 123.05

Buy: 123.06 Take profit: 123.30

Sell: 122.33 Take profit: 122.10

Sell: 122.07 Take profit: 121.84

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For the Pound/Yen pair, the key levels on the H1 scale are 146.41, 145.55, 144.93, 144.53, 143.62, 143.26, and 142.59. We follow the development of the upward structure from January 3. We expect a short-term upward movement in the area of 144.53-144.93. The breakdown of the latter value will lead to a movement to the level of 145.55, near which we expect consolidation. We consider the level of 146.41 as a potential value for the top, from which we expect a rollback down.

A short-term downward movement is possible in the area of 143.62-143.26. The breakdown of the last value will lead to the formation of initial conditions for the downward cycle. In this case, the potential target is 142.59.

The main trend is the upward structure from January 3.

Trading recommendations:

Buy: 144.53 Take profit: 144.91

Buy: 144.95 Take profit: 145.55

Sell: 143.62 Take profit: 143.28

Sell: 143.24 Take profit: 142.65

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.