Outlook on February 2:
Analytical review of popular currency pairs on the hourly chart:
The key levels for the EUR/USD pair are 1.2134, 1.2108, 1.2090, 1.2049, 1.2039, 1.2015 and 1.1998. The price, which is currently in a correction stage, has been moving in a downward trend since January 22. We expect the price to continue declining after passing the noise range of 1.2049 - 1.2039, with the first target set at 1.2015. The final potential downward target is the level of 1.1998. After reaching it, the price may consolidate and pullback upwards.
A short-term growth, in turn, is possible in the range of 1.2090 - 1.2108, If the last value is broken, a deep correction will occur. The target here is 1.2134.
The main trend is the downward trend from January 22
Trading recommendations:
Buy: 1.2090 Take profit: 1.2108
Buy: 1.2110 Take profit: 1.2134
Sell: 1.2039 Take profit: 1.2017
Sell: 1.2013 Take profit: 1.1998
The key levels for the GBP/USD pair are 1.3889, 1.3852, 1.3792, 1.3756, 1.3698, 1.3668, 1.3619 and 1.3521. Following the bullish trend from January 11, we can see that the price is currently in correction. There is a short-term growth and consolidation in the range of 1.3756 - 1.3792. If the last value is broken, it will lead to a confident growth towards 1.3852. The potential upward target is 1.3889. The pair is likely to consolidate after reaching it and then make a downward pullback.
Meanwhile, a short-term decline and consolidation may take place in the range of 1.3668 - 1.3619. The upward key support is 1.3619 - 1.3596. The price passing this range will lead to the development of a downward trend, with the potential target of 1.3521.
The main trend is the upward trend from January 11, correction stage
Trading recommendations:
Buy: 1.3756 Take profit: 1.3790
Buy: 1.3793 Take profit: 1.3851
Sell: 1.3666 Take profit: 1.3620
Sell: 1.3594 Take profit: 1.3535
The key levels for the USD/CHF pair are 0.9033, 0.9015, 0.9005, 0.8980, 0.8949, 0.8933 and 0.8912. The upward trend from January 22 is closely monitored. In this case, we expect the pair to resume growth after the level of 0.8980 is broken, with the first target at 0.9005. There is a price consolidation in the range of 0.9005 - 0.9015. The final potential upward target is the level of 0.9033. After reaching this level, price consolidation and downward pullback can be expected.
On another note, short-term decline is expected in the range of 0.8949 - 0.8933. If the last value is broken, a deep correction will occur, with a target of 1.8912. This is the key support level.
The main trend is the upward trend from January 22
Trading recommendations:
Buy: 0.8980 Take profit: 0.9005
Buy: 0.9015 Take profit: 0.9033
Sell: 0.8949 Take profit: 0.8934
Sell: 0.8931 Take profit: 0.8912
The key levels for the USD/JPY are 105.52, 105.40, 105.22, 105.11, 104.84, 104.71, 104.53 and 104.34. Following the development of the upward trend on January 21, we expect the pair to make a short-term growth in the range of 105.11 - 105.22. If the last value is broken, strong growth will follow with a target of 105.40. The final upward target is the level of 105.52 Once this level is reached, price consolidation and downward pullback can be expected.
A short-term decline is possible in the range of 104.84 - 104.71. If the last value is broken, a deep correction will occur, with the first target set at 104.53. This is the key support level and its breakdown will lead to the formation of initial conditions for a downward trend. The potential target is 104.34.
The main trend is the upward trend of January 21
Trading recommendations:
Buy: 105.12 Take profit: 105.22
Buy: 105.23 Take profit: 105.40
Sell: 104.84 Take profit: 104.72
Sell: 104.69 Take profit: 104.55
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 0.7781, 0.7725, 0.7700, 0.7671, 0.7620, 0.7598, 0.7572, 0.7534 and 0.7500. The price, which is currently in correction, is developing the bearish trend from January 21 and forms a potential for a local downward trend from January 29. In this case, we expect a short-term decline in the range of 0.7620 - 0.7598. Once the last value is broken, the movement will continue to the target of 0.7572. There is consolidation near this level. The breakdown of this target will lead to a strong decline, with a target of 0.7534. The final potential downward target is the level of 0.7500. Upon reaching this level, price consolidation and upward pullback are possible.
In turn, short-term growth is expected in the range of 0.7671 - 0.7700. If the last value is broken, it will favor the formation of initial upward conditions. The target is 0.7725, whose breakdown will lead to the development of strong growth towards the potential target of 0.7781.
The main trend is the downward trend from January 21, local downward potential from January 29
Trading recommendations:
Buy: 0.7671 Take profit: 0.7700
Buy: 0.7703 Take profit: 0.7725
Sell: 0.7620 Take profit: 0.7598
Sell: 0.7596 Take profit: 0.7572
The key levels for the EUR/JPY pair are 127.75, 127.29, 127.10, 126.88, 126.44, 126.14, 125.93, 125.81 and 125.55. The price is currently in correction after following the bullish trend from January 18. It is now forming a potential for the low from January 29. Thus, we expect the pair to develop the downward trend after the level of 126.44 is broken. In this case, the target is 126.14 and price consolidation is near it. If the target is broken, the downward movement will continue to the level of 125.93. Price consolidation is set in the range of 125.93 - 125.81. The final potential downward target is the level of 125.55. Once this level is reached, price consolidation and upward pullback are possible.
A short-term growth is possible in the range of 126.88 - 127.10. After the last value is broken, it will provoke the development of the upward trend, with a target of 127.29. This is the key resistance level.
The main trend is the upward trend of January 18, correction stage
Trading recommendations:
Buy: 126.88 Take profit: 127.10
Buy: 127.12 Take profit: 127.29
Sell: 126.44 Take profit: 126.16
Sell: 126.12 Take profit: 125.93
The key levels for the GBP/JPY pair are 145.30. 144.87, 144.57, 143.91, 143.62, 143.26, 142.97, 142.55 and 142.14. Following the development of the upward trend from January 18, a consolidated movement is set at the range of 143.62 - 143.91. If the last value is broken, a strong growth is likely, which will lead us to the target of 144.57. A short-term upward movement and consolidation may occur in the range of 144.57 - 144.87. The upward potential target is the level of 145.30. After that, price consolidation and downward pullback can be expected.
Short-term decline, in turn, is possible in the range of 143.26 - 142.97. If the last level is broken, a deep correction will occur, with a target of 142.55. This is considered to be the key support level. The break of which would lead to the formation of a downward trend, with the target of 142.14.
The main trend is upward trend from January 18
Trading recommendations:
Buy: 143.94 Take profit: 144.55
Buy: 144.58 Take profit: 144.86
Sell: 143.26 Take profit: 142.98
Sell: 142.95 Take profit: 142.56