Dear colleagues.
For the EUR/USD pair, the price is still in the correction zone of the descending structure on August 3 with the key support at 1.1832 level. For the GBP/USD pair, the continuation of the downward movement is expected after a breakdown at the level of 1.2960. we consider the upward movement as a correction. For the USD/CHF pair, the development of the downward structure from August 8 is continued. For the USD/JPY pair, subsequent targets were determined from the descending structure on August 7. For the EUR/JPY pair, the downward cycle from August 2 was sustained after a breakdown at the level of 128.04. For the GBP/JPY pair, the downside potential has been extended towards 139.20.
Forecast for August 11:
Analytical review of currency pairs in the H1 scale:
For the EUR / USD pair, key levels on the H1 scale are: 1.1969, 1.1890, 1.1832, 1.1810, 1.1771, 1.1718, 1.1666, 1.1605 and 1.1561. In here, the formation of a downward structure from August 3 is being monitored. The price is seen in the correction zone at the moment. A continuation of the downward movement is expected after a breakdown at the level of 1.1715. In this case, the target is 1.1666 and a breakdown should be accompanied by a pronounced movement to the level of 1.1605. The potential value for the bottom is the level of 1.1561 and a correction is expected to begin once this level has been achieved.
Withdrawal into a correction is possible after a breakdown to 1.1771 which in this case is 1.1810. A short-term upward movement is expected in the levels of 1.1810 - 1.1832. A breakdown of the last level will have an upward structure with a target of 1.1890 whereas this is the key resistance level for the top.
There is a formation of a downward structure for the main trend from August 3 which is at a correction stage.
Trading recommendations:
Buy: 1.1771 Take profit: 1.1810
Buy: 1.1833 Take profit: 1.1890
Sell: 1.1715 Take profit: 1.1668
Sell: 1.1664 Take profit: 1.1607
For the GBP/USD pair, key levels on the H1 scale are: 1.3157, 1.3106, 1.3074, 1.3029, 1.2960, 1.2905 and 1.2867. The development of the downward structure from August 3 is resumed.A continuation of the downward movement is expected after a breakdown at the level of 1.2960 with the target of 1.2905. The potential value for the bottom is the level of 1.2867 and a consolidation is expected after reaching the levels of 1.2867 - 1.2905.
Withdrawal into the correction is possible after a breakdown at 1.3030 with the first target at 1.3074. Short-term upward movement is expected in the levels of 1.3074 - 1.3106. A breakdown of the last value will have to form the initial conditions for the upward cycle with a target of 1.3155.
The main trend is the downward structure from August 3.
Trading recommendations:
Buy: 1.3030 Take profit: 1.3074
Buy: 1.3108 Take profit: 1.3155
Sell: 1.2958 Take profit: 1.2907
Sell: 1.2905 Take profit: 1.2870
For the USD/CHF pair, the key levels in the H1 scale are: 0.9691, 0.9655, 0.9630, 0.9569, 0.9536, 0.9494 and 0.9469. The development of the downward structure from August 8 is resumed. At the moment, it is expected to move towards the level of 0.9569 after reaching consolidation in the level of 0.9569 - 0.9536. A break in the level of 0.9536 should be accompanied by a pronounced downward movement to the level of 0.9494. The potential value for the bottom is the level of 0.9469 and upon reaching a pullback directed upward is expected.
A short-term uptrend is possible on the levels of 0.9630 - 0.9655 and breakdown of the last value will lead to a deeper move with the target of 0.9691.
The main trend is the downward structure from August 8.
Trading recommendations:
Buy: 0.9630 Take profit: 0.9654
Buy: 0.9657 Take profit: 0.9690
Sell: 0.9567 Take profit: 0.9538
Sell: 0.9534 Take profit: 0.9496
For the USD/JPY pair, the key levels on the scale are: 110.09, 109.57, 109.24, 108.53, 108.13 and 107.62. The development of the local downward structure of August 7 is resumed here. A short-term downward movement is expected in the levels of 108.53 - 108.13. A breakdown of the last value will lead to a movement towards the potential target of 107.62 where a rollback headed upward is expected.
A short-term upward movement is possible in the levels of 109.24 - 109.57 and a breakdown of the last value will lead to a deep correction with the target of 110.09 which is the key support level for the downward structure.
The main trend is the downward structure from August 7.
Trading recommendations:
Buy: 109.24 Take profit: 109.55
Buy: 109.60 Take profit: 110.05
Sell: 108.52 Take profit: 108.15
Sell: 108.11 Take profit: 107.65
For the USD/CAD pair, the key H1 scale levels are: 1.2912, 1.2838, 1.2803, 1.2743, 1.2694, 1.2660 and 1.2608. The Upward structure from July 27 is resumed. The upward movement is expected to continue after a breakdown at 1.2745 with the target of 1.2803. The price consolidates in the levels of 1.2803 - 1.2838. The potential value for the top is the level of 1.2919 and a correction is expected upon reaching this level.
A short-term downward movement is possible at the levels of 1.2694 - 1.2660 and a breakdown of the last value will lead to a deep correction with the target of 1.2608 which is the key support for the top.
The main trend is the upward cycle from July 27.
Trading recommendations:
Buy: 1.2745 Take profit: 1.2800
Buy: 1.2840 Take profit: 1.2910
Sell: 1.2692 Take profit: 1.2661
Sell: 1.2658 Take profit: 1.2610
For the AUD/USD pair, the key levels on the H1 scale are: 0.8001, 0.7970, 0.7920, 0.7838, 0.7802 and 0.7754. A short-term downward movement is expected in the range of 0.7838 - 0.7802 and a breakdown of the last value will lead to a movement to the potential target of 0.7754. Upon reaching this level, an upward pullback upward is expected.
A correction is possible after the breakdown at 0.7920 with the target of 0.7970. The key support range for the downward structure is found at 0.7970 - 0.8001. Reaching this level could develop to an upward structure with the target at 0.8066.
The main trend is the downward structure from July 27.
Trading recommendations:
Buy: 0.7920 Take profit: 0.7970
Buy: 0.8003 Take profit: 0.8065
Sell: 0.7838 Take profit: 0.7804
Sell: 0.7800 Take profit: 0.7756
For the EUR/JPY pair, the key levels on the H1 scale are: 129.62, 129.13, 128.77, 128.33, 128.04, 127.47 and 127.00. The formation of a downward structure from August 2 is resumed here. The downward movement is expected to continue after passing through the noise range of 128.33 - 128.04 with a target of 127.47. The 127.00 level is considered to have a potential value for the downward structure and a consolidation is expected in levels of 1.2867 - 1.2905.
A short-term upward movement is possible in the levels of 128.77 - 129.13 and a breakdown of the last value will lead to a deep correction with the target of 129.60 which is the key support for the downward structure.
The main trend is the downward structure from August 2.
Trading recommendations:
Buy: 128.78 Take profit: 129.10
Buy: 129.15 Take profit: 129.60
Sell: 128.02 Take profit: 127.50
Sell: 127.45 Take profit: 127.05
For the GBP/JPY pair, the key levels on the H1 scale are: 143.51, 142.51, 141.91, 140.95, 140.31 and 139.20. The formation of a downward structure from August 2 is resumed here. A short-term downward movement is expected in the levels of 140.95 - 140.31. The potential value for the bottom is the level of 139.20 where a breakdown of 140.30 is expected.
A short-term upward movement is possible in the levels of 141.91 - 142.51. A potential value for the bottom is the level of 139.20 where a breakdown at 140.30 is expected.
The main trend is the downward structure of August 2.
Trading recommendations:
Buy: 141.91 Take profit: 142.50
Buy: 142.55 Take profit: 143.50
Sell: 140.95 Take profit: 140.35
Sell: 140.26 Take profit: 139.25
