Hello, dear traders!
The key downward resistance and support levels on EUR/USD are at 1.2142 and 1.2297 respectively. As for GBP/USD, the downtrend will continue if the price breaks out at 1.3480. The key support level is at 1.3620. The USD/CHF pair will extend its upward trend from January 6 if the price breaks out at 0.8934. The key support for the pair is seen at 0.8855. As for USD/JPY, the main upward trend will continue after a breakout at 104.36. The key support level is seen at 103.66. The EUR/JPY pair will resume its upward movement after a breakout at 127.07. The pair's key support is at 126.43. As for GBP/JPY, the key upward resistance and support levels are at 141.41 and 140.32 respectively.
Outlook for January 12:
Analytical overview of currency pairs on H1 time frame:
On the hourly chart, the key levels on EUR/USD are 1.2238, 1.2207, 1.2185, 1.2142, 1.2104, 1.2081, and 1.2036. The pair has been moving in the downtrend from January 7. The trend is expected to extend after a breakout at 1.2142. The target is set at 1.2104. The price is likely to slightly move down in the 1.2104 – 1.2081 range and consolidate. The price may fall to 1.2036 in case of a breakout at 1.2080.
A short-term upward trend will be possible in the 1.2185 – 1.2207 corridor. A breakout at 1.2207 may lead to a deeper correction. In such a case, the target is seen at 1.2238. If the price reaches the target, it will consolidate.
The main trend is the downward trend from January 7.
Trading recommendations:
Buy: 1.2185. Take profit: 1.2205
Buy: 1.2210. Take profit: 1.2238
Sell: 1.2140. Take profit: 1.2105
Sell: 1.2080. Take profit: 1.2037
On the hourly chart, the key levels on GBP/USD are at 1.3620, 1.3556, 1.3530, 1.3480, 1.3418, 1.3376, and 1.3317. The pair has been moving in the downward trend since January 4. The downtrend will extend after a breakout at 1.3480. In this case, the target is seen at 1.3418. A short-term upward movement is possible in the 1.3418 – 1.3376 range and the price may consolidate. The price may even fall to 1.3317, consolidate and pull back upward.
Consolidation is expected in the 1.3530 – 1.3556 area. A breakout at 1.3556 may lead to a deeper correction. The target is seen at 1.3620, which is the key downward support.
The main trend is the downward trend from January 4
Trading recommendations:
Buy: 1.3558. Take profit: 1.3620
Buy: 1.3622. Take profit: 1.3700
Sell: 1.3478. Take profit: 1.3420
Sell: 1.3417. Take profit: 1.3377
On the hourly chart, the key levels on USD/CHF are 0.8985, 0.8966, 0.8933, 0.8909, 0.8876, 0.8855, and 0.8824. The pair has been in the uptrend since January 6. A short-term upward movement is expected in the 0.8909 – 0.8933 corridor. A breakout at 0.8933 may lead to prominent upward movement. The target is seen at 0.8966. If the price reaches 0.8985, it may consolidate and a downward pullback may take place.
A short-term downward movement is possible in the 0.8876 – 0.8855 corridor. A breakout at 0.8855 may lead to a deeper correction. The target is seen at 0.8824, which is the key upward support level.
The main trend is the upward trend from January 6
Trading recommendations:
Buy: 0.8911. Take profit: 0.8931
Buy: 0.8934. Take profit: 0.8966
Sell: 0.8876. Take profit: 0.8857
Sell: 0.8854. Take profit: 0.8830
On the hourly chart, the key levels on USD/JPY are 105.26, 104.84, 104.66, 104.34, 104.02, 103.79, and 103.66. The pair has been in the uptrend since January 6. The upward movement will extend after a breakout at 104.34. The target is seen at 104.66. A short-term downward movement and consolidation are possible in the 104.66 – 104.84 corridor. If the price reaches 105.26, a downward pullback is likely to occur.
A correction may take place after a breakout at 104.02. The target is seen at 103.79. The 103.79 – 103.66 range is the key upward support.
The main trend is the upward trend from January 6
Trading recommendations:
Buy: 104.36. Take profit: 104.65
Buy: 104.85. Take profit: 105.23
Sell: 104.00. Take profit: 103.80
On the hourly chart, the key levels on CAD/USD are 1.2870, 1.2833, 1.2807, 1.2767, 1.2726, 1.2692, and 1.2629. The pair has been in the uptrend since January 6. The upward movement will extend after a breakout at 1.2767. The target is seen at 1.2807. A short-term downward movement and consolidation are possible in the 1.2807 – 1.2833 corridor. If the price reaches 1.2870, consolidation and a downward pullback are likely to occur.
A short-term downward movement is expected in the 1.2726 – 1.2692 range. A breakout at 1.2692 may lead to the extension of the downtrend. The target is seen at 1.2630.
The main trend is the upward trend from January 6
Trading recommendations:
Buy: 1.2768. Take profit: 1.2807
Buy: 1.2808. Take profit: 1.2832
Sell: 1.2725. Take profit: 1.2694
Sell: 1.2690. Take profit: 1.2631
On the hourly chart, the key levels on AUD/USD are 0.7770, 0.7736, 0.7690, 0.7654, 0.7629, 0.7592, and 0.7570. The pair has been in the downward trend since January 6. The downward movement will extend after a breakout at 0.7690. The target is seen at 0.7654. A short-term downward movement and consolidation are possible in the 0.7654 – 0.7629 corridor. The trend will become stronger after a breakout at 0.7629. In such a case, the target is set at 0.7592. If the price reaches 0.7570, consolidation and an upward pullback may occur.
A short-term upward movement is expected in the 0.7736 – 0.7770 range. A breakout at 0.7770 will provide the basis for the formation of the uptrend. In such a case, the target is seen at 0.7825.
The main trend is the downward trend from January 6
Trading recommendations:
Buy: 0.7736. Take profit: 0.7770
Buy: 0.7773. Take profit: 0.7825
Sell: 0.7690. Take profit: 0.7655
Sell: 0.7653. Take profit: 0.7631
On the hourly chart, the key levels on EUR/JPY are 128.82, 128.37, 128.07, 127.62, 127.07, 126.72, and 126.43. The pair has been in the downward trend since January 5. If the price breaks through 127.07, the target will be set at 127.62. A breakout at 127.62 may lead to the formation of a strong upward movement. The target is at 128.07. A short-term upward movement and consolidation are possible in the 128.07 – 128.37 corridor. If the price reaches 128.82, consolidation and a downward pullback may occur.
A short-term downward movement and consolidation are expected in the 126.72 – 126.43 range. A breakout at 126.43 may lead to the formation of a downward trend. In such a case, the target is seen at 125.99.
The main trend is the upward trend from January 5, a correction is taking place the moment
Trading recommendations:
Buy: 127.10. Take profit: 127.60
Buy: 127.65. Take profit: 128.07
Sell: 126.40. Take profit: 126.00
On the hourly chart, the key levels on GBP/JPY are 143.04, 142.10, 141.41, 140.32, 139.63, and 138.88. A short-term upward movement and consolidation are possible in the 141.41 – 142.10 range. If the price reaches 143.04, consolidation and a downward pullback may occur.
A short-term downward movement is expected in the 140.32 – 139.63 corridor. A breakout at 139.63 may lead to the continuation of the downward movement. In such a case, the target is seen at 138.88.
The main trend is the upward trend from December 21
Trading recommendations:
Buy: 141.43. Take profit: 142.08
Buy: 142.12. Take profit: 143.04
Sell: 140.32. Take profit: 139.80
Sell: 139.61. Take profit: 138.90