03.02.202004:07 Forex Analysis & Reviews: Fractal analysis for major currency pairs on February 3

Forecast for February 3:

Analytical review of currency pairs on the scale of H1:

For the euro / dollar pair, the key levels on the H1 scale are: 1.1134, 1.1113, 1.1104, 1.1092, 1.1073, 1.1061 and 1.1048. Here, we monitor the development of the upward cycle of January 29. The continuation of the movement to the top is expected after the breakdown of the level of 1.1092. In this case, the target is 1.1104. Price consolidation is in the range of 1.1104 - 1.1113. For the potential value for the top, we consider the level of 1.1134, upon reaching which, we expect a rollback to the correction.

Short-term downward movement is possibly in the range of 1.1073 - 1.1061. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 1.1048. This level is a key support for the upward structure.

The main trend is the upward cycle of January 29

Trading recommendations:

Buy: 1.1092 Take profit: 1.1104

Buy: 1.1113 Take profit: 1.1134

Sell: 1.1073 Take profit: 1.1062

Sell: 1.1058 Take profit: 1.1048

For the pound / dollar pair, the key levels on the H1 scale are: 1.3323, 1.3296, 1.3246, 1.3210, 1.3159, 1.3137 and 1.3098. Here, we are following the development of the ascending structure of January 30. The continuation of the movement to the top is expected after the breakdown of the level of 1.3210. In this case, the target is 1.3246. Price consolidation is near this level. The breakdown of the level of 1.3246 will lead to a pronounced movement. Here, the target is 1.3296. For the potential value for the top, we consider the level of 1.3323. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is possibly in the range of 1.3159 - 1.3137. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.3098. This level is a key support for the top.

The main trend is the upward cycle of January 30

Trading recommendations:

Buy: 1.3210 Take profit: 1.3246

Buy: 1.3248 Take profit: 1.3296

Sell: 1.3159 Take profit: 1.3138

Sell: 1.3135 Take profit: 1.3100

For the dollar / franc pair, the key levels on the H1 scale are: 0.9714, 0.9685, 0.9661, 0.9644, 0.9610, 0.9590, 0.9556 and 0.9538. Here, we are following the downward cycle of January 29. Short-term downward movement is expected in the range 0.9610 - 0.9590. The breakdown of the last value should be accompanied by a pronounced downward movement. Here, the target is 0.9556. For the potential value for the bottom, we consider the level of 0.9538. Upon reaching which, we expect consolidation, as well as a rollback to the top.

Short-term upward movement is possibly in the range of 0.9644 - 0.9661. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.9685. This level is a key support for the downward structure, its passage in price will lead to the formation of an upward structure. Here, the potential target is 0.9714.

The main trend is the downward cycle of January 29

Trading recommendations:

Buy : 0.9644 Take profit: 0.9660

Buy : 0.9664 Take profit: 0.9682

Sell: 0.9610 Take profit: 0.9593

Sell: 0.9588 Take profit: 0.9557

For the dollar / yen pair, the key levels on the scale are : 109.26, 108.83, 108.65, 108.29, 108.07, 107.87 and 107.63. Here, we determined the subsequent goals for the downward movement from the local structure on January 29. The continuation of the movement to the bottom, we expect after the breakdown of the level of 108.29. In this case, the target is 108.07. Price consolidation is in the range of 108.07 - 107.87. For the potential value for the bottom, we consider the level of 107.63. Upon reaching which, we expect a pullback to the top.

Short-term upward movement is possibly in the range of 108.65 - 108.83. The breakdown of the latter value will favor the formation of an ascending structure. Here, the potential target is 109.26.

Main trend: local descending structure of January 29

Trading recommendations:

Buy: 108.65 Take profit: 108.80

Buy : 108.85 Take profit: 109.20

Sell: 108.27 Take profit: 108.08

Sell: 108.05 Take profit: 107.88

For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3389, 1.3337, 1.3312, 1.3271, 1.3222, 1.3195 and 1.3157. 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 1.3271. In this case, the target is 1.3312. Price consolidation is in the range of 1.3312 - 1.3337. For the potential value for the top, we consider the level 1.3389. The expressed movement to which is expected after the breakdown of the level of 1.3338.

Short-term downward movement is possibly in the range of 1.3222 - 1.3195. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.3157. This level is a key support for the top.

The main trend is the local ascending structure of January 22

Trading recommendations:

Buy: 1.3271 Take profit: 1.3312

Buy : 1.3313 Take profit: 1.3335

Sell: 1.3222 Take profit: 1.3197

Sell: 1.3193 Take profit: 1.3160

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 a key support for the bottom, and before it, we expect the initial conditions for the upward cycle to be formed.

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: 0.6680 Take profit: 0.6655

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

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:

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 and 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