Outlook on February 8:
Analytical review of popular currency pairs on the hourly chart:
The key levels for the EUR/USD pair are 1.2133, 1.2118, 1.2079, 1.2055, 1.2029, 1.2014, 1.1992 and 1.1953. The price of the pair has formed a strong upward potential from February 5. In this case, we expect a short-term growth in the range of 1.2055 - 1.2079. If the last value is broken, strong growth will follow, leading us to the target of 1.2118. The final potential upward target is the level of 1.2133. After reaching it, the price may consolidate and pullback downwards.
A short-term decline, in turn, is possible in the range of 1.2029 - 1.2014. If the last value is broken, a deep correction will occur, with a target of 1.1992, This is the key support level and the price breaking through it will lead to the development of a downward trend. Here, the potential target is 1.1953.
The main trend is the formation of a potential upward trend from February 5
Trading recommendations:
Buy: 1.2055 Take profit: 1.2077
Buy: 1.2081 Take profit: 1.2118
Sell: 1.2029 Take profit: 1.2014
Sell: 1.2012 Take profit: 1.1992
The key levels for the GBP/USD pair are: 1.3889, 1.3842, 1.3792, 1.3748, 1.3698, 1.3666, 1.3629 and 1.3562. The price of the pair has formed a strong upward potential from February 4. So, we expect it to make a short-term growth in the range of 1.3748 - 1.3792. If the last value is broken, strong movement will follow, which will lead us to the target set at 1.3842. The final potential upward target is 1.3889. Once this level is reached, price consolidation and downward pullback can be expected.
Meanwhile, a short-term decline is expected in the range of 1.3698 - 1.3666. If the last value is broken, a deep correction will occur. The target is 1.3629, which is the key support level.
The main trend is the potential for growth from February 4
Trading recommendations:
Buy: 1.3748 Take profit: 1.3790
Buy: 1.3793 Take profit: 1.3840
Sell: 1.3698 Take profit: 1.3666
Sell: 1.3664 Take profit: 1.3630
The key levels for the USD/CHF pair are 0.9066, 0.9046, 0.9030, 0.9015, 0.8977, 0.8960, 0.8938 and 0.8919. The price, which is in a correction from the upward trend from Jan 22, is forming a downward potential from February 5. In this case, we expect a short-term decline in the range of 0.8977 - 0.8960. Once the last value is broken, a strong decline can be expected, with a target of 0.8938. The final downward target is 0.8919. After reaching it, price consolidation and upward pullback are possible.
On another note, short-term growth is possible in the range of 0.9015 - 0.9030. The breakdown of the last value will lead to the formation of potential initial conditions for an upward trend, with a target located at 0.9066.
The main trend is the upward trend from January 22, correction stage
Trading recommendations:
Buy: 0.9015 Take profit: 0.9030
Buy: 0.9032 Take profit: 0.9046
Sell: 0.8977 Take profit: 0.8960
Sell: 0.8958 Take profit: 0.8940
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 0.7766, 0.7741, 0.7714, 0.7683, 0.7660, 0.7641 and 0.7616. Following the development of the upward trend from February 2, we expect the price to continue rising after the level of 0.7683 is broken. The next target is set at 0.7714. Price consolidation is in the range of 0.7714 - 0.7741. Once the last value is broken, it will lead us to the next potential target, which is the level of 0.7766. Price consolidation and downward pullback are near this level.
In turn, short-term decline is possible in the range of 0.7660 - 0.7641. If the last value is broken, a deep correction will occur. The target is 0.7616, which is the key support level.
The main trend is the upward trend from February 2
Trading recommendations:
Buy: 0.7685 Take profit: 0.7714
Buy: 0.7716 Take profit: 0.7740
Sell: 0.7660 Take profit: 0.7643
Sell: 0.7639 Take profit: 0.7618
The key levels for the EUR/JPY pair are 128.09, 127.82, 127.56, 127.23, 127.03, 126.70, 126.48 and 126.04. The price of the pair is forming an upward potential from February 4. Thus, we expect it to continue moving upwards after the noise range 127.03 - 127.23 is broken through. In this case, the target is 127.56. A short-term upward movement, with consolidation can be considered in the range of 127.56 - 127.82. The ultimate potential target is 128.09. Once this level is reached, a downward pullback can be expected.
A short-term decline is possible in the range of 126.70 - 126.48. If the last value is broken, it will favor the development of a downward trend. The potential target will be 126.04.
The main trend is the formation of an upward potential from February 4
Trading recommendations:
Buy: 127.25 Take profit: 127.55
Buy: 127.57 Take profit: 127.80
Sell: 126.70 Take profit: 126.48
Sell: 126.44 Take profit: 126.04
The key levels for the GBP/JPY pair are 146.44, 146.12, 145.66, 144.46, 144.00, 143.66 and 142.80. Following the local upward trend from February 4, we expect the price to make a short-term growth in the range of 145.24 - 145.66. After breaking the last value, strong growth will resume towards the target of 146.12. The final upward target is the level of 146.44. Once this level is reached, price consolidation and downward pullback are possible.
In turn, a short-term decline is expected in the range of 144.46 - 144.00. The key support is the range of 144.00 - 143.66. If the price overcomes this range, the downward trend will continue to develop. 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: 145.26 Take profit: 145.66
Buy: 145.68 Take profit: 146.12
Sell: 144.44 Take profit: 144.02
Sell: 143.64 Take profit: 142.80
