Outlook on February 4:
Analytical review of popular currency pairs on the hourly chart:
The key levels for the EUR/USD pair are 1.2021, 1.1992, 1.1976, 1.1954, 1.1935, 1.1895 and 1.1869. Following the downward trend from January 22, we expect the pair to make a short-term decline in the range of 1.1954 - 1.1935. Once the last value is broken, a strong decline can be expected, with a target of 1.1895. The final potential downward target is the level of 1.1869. After reaching it, the price may consolidate and pullback upwards.
A short-term growth, in turn, is possible in the range of 1.1976 - 1.1992. If the last value is broken, a deep correction will occur. The target here is 1.2021.
The main trend is the downward trend from January 22
Trading recommendations:
Buy: 1.1976 Take profit: 1.1991
Buy: 1.1994 Take profit: 1.2020
Sell: 1.1954 Take profit: 1.1936
Sell: 1.1933 Take profit: 1.1895
The key levels for the GBP/USD pair are 1.3889, 1.3852, 1.3792, 1.3756, 1.3711, 1.3619, 1.3596 and 1.3521. The price, which has formed a local upward potential from February 4, is following the upward trend from January 11. Thus, we expect it to continue rising after the level of 1.3711 is broken, with the first target being 1.3756. There is short-term growth and consolidation in the range of 1.3756 - 1.3792. Once the last value is broken, it will lead to a strong growth, with a target of 1.3852. The potential upward target is 1.3889. The pair is likely to consolidate after reaching it and then make a downward pullback.
The key support is the range of 1.3619 - 1.3596. The price overcoming it will develop the downward trend. In this case, the first potential target is 1.3521.
The main trend is the upward trend from January 11, local upward potential from February 4
Trading recommendations:
Buy: 1.3711 Take profit: 1.3754
Buy: 1.3756 Take profit: 1.3790
Sell: Take profit:
Sell: 1.3594 Take profit: 1.3535
The key levels for the USD/CHF pair are 0.9066, 0.9046, 0.9030, 0.9015, 0.8980 and 0.8966. The upward trend from January 22 is closely monitored. Currently, the price is near the limit values. There is a short-term growth in the range of 0.9046 - 0.9066, hence a downward pullback can be expected.
On another note, short-term decline is expected in the range of 0.9030 - 0.9015. If the last value is broken, it will lead to the formation of potential downward initial conditions. In this case, the target is 0.8980, while the noise range is 0.8980 - 0.8966.
The main trend is the upward trend from January 22
Trading recommendations:
Buy: 0.9046 Take profit: 0.9064
Buy: Take profit:
Sell: 0.9030Take profit: 0.9017
Sell: 0.9010 Take profit: 0.8980
The key levels for the USD/JPY are 105.77, 105.63, 105.40, 105.22, 105.11 and 104.84. The price, which is currently around the limit values, is following the development of the upward trend from January 21. In this context, we can expect a short-term upward movement in the range of 105.63 - 105.77, hence a downward reversal is possible.
A correction is possible after the breakdown of 105.40, with a target set at 105.22. The key support is the range of 105.22 - 105.11. The price overcoming this range will lead to the development of a downward trend. The potential target is 104.84.
The main trend is the upward trend of January 21
Trading recommendations:
Buy: 105.63 Take profit: 105.76
Buy: Take profit:
Sell: 105.40 Take profit: 105.22
Sell: 105.10 Take profit: 104.90
The key levels for the USD/CAD pair are 1.2975, 1.2919, 1.2891, 1.2851, 1.2822, 1.2762, 1.2737, 1.2704, 1.2683 and 1.2650. Following the development of the upward trend from January 21, the pair is expected to make a short-term growth in the range of 1.2822 - 1.2851. If the last value is broken, the movement will continue towards the level of 1.2891. After that, another short-term growth can be expected in the range of 1.2891 - 1.2919, with consolidation. The ultimate potential upward target is the level of 1.2975. After reaching it, price consolidation, as well as a downward pullback can be expected.
A short-term decline, on the contrary, is expected in the range of 1.2762 - 1.2737. If the last value is broken, the development of a downward trend will be possible, with the first potential target of 1.2704. Price consolidation is in the range of 1.2704 - 1.2683.
The main trend is the upward trend from January 21
Trading recommendations:
Buy: 1.2853 Take profit: 1.2890
Buy: 1.2891 Take profit: 1.2918
Sell: 1.2762 Take profit: 1.2738
Sell: 1.2735 Take profit: 1.2705
The key levels for the AUD/USD pair are 0.7707, 0.7671, 0.7647, 0.7631, 0.7594, 0.7572, 0.7534 and 0.7502. The price, which is currently in a correction stage, is following the development of the local bearish trend from January 29. In this case, we expect a short-term decline in the range of 0.7594 - 0.7572. If the last value is broken, a strong decline will follow, with the target set at 0.7534. The final potential downward target is the level of 0.7502. Upon reaching this level, an upward pullback is possible.
In turn, short-term growth is expected in the range of 0.7631 - 0.7647. If the last value is broken, a deep correction will occur. The target is 0.7671,which is the key support level for decline.
The main trend is the local downward trend from January 29, correction stage
Trading recommendations:
Buy: 0.7648 Take profit: 0.7670
Buy: 0.7673 Take profit: 0.7705
Sell: 0.7594 Take profit: 0.7573
Sell: 0.7570 Take profit: 0.7536
The key levels for the EUR/JPY pair are 126.88, 126.55, 126.35, 126.14, 125.93, 125.81, 125.55 and 125.28. Following the development of the downward trend from January 29, we expect the pair to continue decline after the level of 126.14 is broken, with the target located at 125.93. Price consolidation is expected in the range of 125.93 - 125.81. It will be followed by a strong decline, with a target of 125.55. The final potential downward target is the level of 125.28. Once this level is reached, upward pullback can be expected.
A short-term growth is possible in the range of 126.35 - 126.55. If the last value is broken, a deep correction will occur, with the target set at 126.88. This is the key support level for the decline.
The main trend is the formation of the downward potential from January 29
Trading recommendations:
Buy: 126.35 Take profit: 126.52
Buy: 126.57 Take profit: 126.88
Sell: 126.12 Take profit: 125.94
Sell: 125.80 Take profit: 125.55
The key levels for the GBP/JPY pair are 145.66, 145.24, 144.70, 144.52, 144.00, 143.66, 143.31 and 142.80. The price has formed a local potential bullish trend from February 4. In this case, we expect it to resume growth after it overcomes the noise range of 144.52 - 144.70. The next target will be 145.24, with a consolidation near it. The final upward target is the level of 145.66. After reaching it, a downward pullback is possible.
In turn, a short-term decline is expected in the range of 144.00 - 143.66. If the last value is broken, a deep correction will occur, with a target located at 143.31. This is the key support and its breakdown will provoke the formation of a downward trend. 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: 144.70 Take profit: 145.24
Buy: 145.26 Take profit: 145.66
Sell: 144.00 Take profit: 143.67
Sell: 143.64 Take profit: 143.31
