FX.co ★ Fractal analysis for major currency pairs as of March 6

Dear colleagues.

For the EUR / USD pair, we are following the formation of the upward structure from March 1. The development of this level is expected after the breakdown of 1.2405. For the GBP / USD pair, the level of 1.3894 is the key support for the downward structure from February 26. For the USD / CHF pair, we follow the formation of the downward structure from March 1. The development of this level is expected after the breakdown of 0.9327. For the USD / JPY, we have expanded the potential for downward movement towards the level of 103.89. For the EUR / JPY pair, we follow the formation of the upward structure from March 5. For the GBP / JPY pair, the level of 147.80 is the key support for the downward structure. Passing the price will lead to the build up of the upward structure from March 2.

Forecast for March 6:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.2529, 1.2477, 1.2448, 1.2404, 1.2369, 1.2301, 1.2271 and 1.2234. Here, we continue to monitor the formation of the initial conditions for the upward cycle of March 1. Short-term upward movement is possible in the area of 1.2369 - 1.2404. The breakdown of the latter value will lead to the development of a pronounced movement. Here, the target is 1.2448. In the area of 1.2448 - 1.2477 is the consolidation of the price. The potential value for the top is the level of 1.2529. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is expected in the area of 1.2301 - 1.2271. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2234. This level is the key support for the top.

The main trend is the formation of the upward structure of March 1.

Trading recommendations:

Buy: 1.2370 Take profit: 1.2402

Buy 1.2406 Take profit: 1.2446

Sell: 1.2300 Take profit: 1.2274

Sell: 1.2269 Take profit: 1.2236

For the GBP / USD pair, the key levels on the scale of H1 are 1.3894, 1.3823, 1.3731, 1.3697, 1.3634 and 1.3583. Here, we continue to follow the downward structure from February 26. At the moment, the price is in correction. The level of 1.3894 is the key support for the bottom. The continuation of the movement downwards is expected after passing the price of the noise range at 1.3731 - 1.3697. In this case, the target is 1.3634. The potential value for the bottom is the level of 1.3583. Upon reaching this level, we expect a rollback upward.

A breakdown at the level 1.3894 will lead to the formation of an upward structure. In this case, the target is 1.3941. Near this level we expect the consolidation of the price. The break at the level of 1.3941 should be accompanied by a pronounced movement toward the potential target of 1.4003.

The main trend is the downward structure from February 26, the correction stage.

Trading recommendations:

Buy: 1.3894 Take profit: 1.3940

Buy: 1.3944 Take profit: 1.4000

Sell: 1.3695 Take profit: 1.3636

Sell: 1.3632 Take profit: 1.3585

For the USD / CHF pair, the key levels on the scale of H1 are: 0.9430, 0.9407, 0.9383, 0.9327, 0.9281, 0.9245, 0.9220 and 0.9183. Here, we continue to monitor the formation of a downward structure from March 1. The continuation of the downward movement is expected after the breakdown of 0.9327. In this case, the target is 0.9281. Near this level is the consolidation of the price. The breakdown at the level of 0.9280 will allow us to count on the movement towards the level of 0.9245. In the area of 0.9245 - 0.9220 is the consolidation of the price. The potential value for the bottom is the level of 0.9183. Upon reaching this level, we expect a rollback upward.

The development of correction is expected after the breakdown of 0.9383. In this case, the target is 0.9407. The range of 0.9407 - 0.9430 is the key support for the downward structure from March 1.

The main trend is the formation of a downward structure from March 1.

Trading recommendations:

Buy: 0.9384 Take profit: 0.9405

Buy: 0.9408 Take profit: 0.9430

Sell: 0.9325 Take profit: 0.9284

Sell: 0.9278 Take profit: 0.9245

For the USD / JPY pair, the key levels on a scale are: 106.91, 106.52, 106.28, 105.59, 105.23, 104.75, 104.47 and 103.89. Here, we follow the downward structure of February 21. Consolidated traffic is possible in the area of 105.59 - 105.23. The breakdown of the last value should be accompanied by a pronounced movement towards the level of 104.75. In the area of 104.75 - 104.47 is the consolidation of the price. We consider the level of 103.89 as a potential value for the downward movement. After this level, we expect a pullback upward.

Short-term upward movement is possible in the area of 106.28 - 106.52. The breakdown of the last value will lead to in-depth correction. Here, the target is 106.91. This level is the key support for the downward structure. Passing the price will lead to form the initial conditions for the upward cycle.

The main trend is the downward cycle from February 21.

Trading recommendations:

Buy: 106.28 Take profit: 106.50

Buy: 106.54 Take profit: 106.90

Sell: 105.20 Take profit: 104.80

Sell: 104.45 Take profit: 103.95

For the CAD / USD pair, the key levels on the H1 scale are: 1.3278, 1.3204, 1.3087, 1.3001, 1.2940, 1.2884 and 1.2786. Here, we continue to follow the upward structure of February 16. The continuation of the upward movement is expected after the breakdown of 1.3001. In this case, the target is 1.3087. Near this level is the consolidation of the price. The potential value for the top is the level of 1.3204. Upon reaching this level, we expect the consolidation of the price in the area of 1.3204 - 1.3278, as well as a pullback downwards.

Short-term downward movement is possible in the area of 1.2940 - 1.2884. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2786. This level is the key support for the top.

The main trend is the upward structure of February 1.

Trading recommendations:

Buy: 1.3001 Take profit: 1.3085

Buy: 1.3090 Take profit: 1.3202

Sell: 1.2940 Take profit: 1.2885

Sell: 1.2882 Take profit: 1.2790

For the AUD / USD pair, the key levels on the H1 scale are: 0.7846, 0.7793, 0.7759, 0.7699, 0.7668, 0.7630 and 0.7605. Here, we follow the downward structure of February 26. The breakdown at the level of 0.7699 will allow us to count on the movement towards the level of 0.7668. Near this level, we expect is the consolidation of the price. Passing the price of 0.7666 should be accompanied by a pronounced downward movement. Here, the target is 0.7630. The potential value for the bottom is the level of 0.7605. Upon reaching this level, we expect a rollback to the top.

Short-term upward movement is possible in the area of 0.7760 - 0.7793. The breakdown of the last value will lead to the formation of the initial conditions for the upward cycle. Here, the potential target is 0.7846.

The main trend is the downward structure of February 26.

Trading recommendations:

Buy: 0.7762 Take profit: 0.7790

Buy: 0.7795 Take profit: 0.7840

Sell: 0.7698 Take profit: 0.7670

Sell: 0.7666 Take profit: 0.7632

For the of EUR / JPY pair, the key levels on the scale of H1 are: 133.81, 133.25, 132.41, 131.68, 130.97, 130.48, 129.90 and 129.23. Here, we follow the formation of the upward structure of March 5. The continuation of the upward movement is expected after the breakdown of 131.68. In this case, the target is 132.41. Near this level is the consolidation of the price. The breakdown of 131.41 should be accompanied by a pronounced upward movement. Here, the target is 133.25. The potential value for the top is the level of 133.81. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 130.97 - 130.48. The breakdown of the last value will lead to in-depth correction. Here, the target is 129.90. This level is the key support for the top of March 5.

The main trend is the formation of the upward structure of March 5.

Trading recommendations:

Buy: 131.70 Take profit: 132.40

Buy: 132.50 Take profit: 133.25

Sell: 130.95 Take profit: 130.50

Sell: 130.44 Take profit: 129.95

For the GBP / JPY pair, the key levels on the scale of H1 are: 149.08, 147.76, 146.99, 145.71, 144.78, 143.90 and 142.28. Here, the price is in correction from the downward structure on February 21. The development of the downward structure is expected after the breakdown of 145.71. Here, the first target is 144.78. Short-term downward movement is possible in the area of 144.78 - 143.90. The breakdown of the last value will allow us to count on the movement towards the potential target of 142.28. Upon reaching this level, we expect a pullback upward.

Short-term upward movement is possible in the area of 146.99 - 147.76. The breakdown of the last value will lead to the development of an upward movement. In this case, the target is 149.08. Up to this level, we expect formalized initial conditions for an upward cycle.

The main trend is the downward structure from February 2, the correction stage.

Trading recommendations:

Buy: 147.90 Take profit: 149.00

Buy: Take profit:

Sell: 145.70 Take profit: 144.80

Sell: 143.85 Take profit: 142.35