FX.co ★ Fractal analysis for major currency pairs as of May 29

Dear colleagues.

For the EUR / USD pair, we expect the movement towards the level of 1.157. The movement towards the top is considered as a correction. For the GBP / USD pair, we have expanded the potential for the downward movement towards the level of 1.3123. For the of USD / CHF pair, the price is still in correction of the continuation to the bottom. We expect this to happen after another breakdown of the level of 0.9915. For the USD / JPY pair, the development of the downward structure from May 22 is expected after the breakdown of 108.82. For the EUR / JPY pair, we expect the movement towards the level of 125.87. For the GBP / JPY pair, the development of the downward structure from May 18 is expected after the breakdown of 144.25.

Forecast for May 29:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.753, 1.1684, 1.1650, 1.1575, 1.1533 and 1.1453. Here, we expect the move to the level of 1.1575. After reaching this level, there may be a short-term downward movement in the range of 1.1575 - 1.1533. For the potential value for the bottom, consider the level of 1.1453. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 1.1650 - 1.1684. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.1753. This level is the key support for the downward trend.

The main trend is the local structure for the bottom of May 14.

Trading recommendations:

Buy: 1.1650 Take profit: 1.1682

Buy 1.1686 Take profit: 1.1750

Sell: 1.1574 Take profit: 1.1535

Sell: 1.1530 Take profit: 1.1455

For the GBP / USD pair, the key levels on the scale of H1 are 1.3462, 1.3415, 1.3388, 1.3346, 1.3285, 1.3229, 1.3195 and 1.3123. Here, we continue to follow the downward structure from May 14. The continuation of the traffic towards the bottom is expected after the breakdown of 1.3285. In this case, the target is 1.3229. In the area of 1.3229 - 1.3195 is the consolidation of the price. For the potential value of the downward trend, consider the level of 1.3123. Upon reaching this level, we expect a pullback to the top.

Going into correction is expected after the breakdown of 1.3346. Here, the target is 1.3388. Short-term upward movement is possible in the area of 1.3388 - 1.3415. The breakdown of the last value will lead to the formation of initial conditions for the upward cycle. In this case, the potential target is 1.3462.

The main trend is the downward cycle from May 14.

Trading recommendations:

Buy: 1.3347 Take profit: 1.3385

Buy: 1.3415 Take profit: 1.3460

Sell: 1.3283 Take profit: 1.3230

Sell: 1.3193 Take profit: 1.3125

For the of USD / CHF pair, the key levels in the scale of H1 are: 0.9996, 0.9965, 0.9950, 0.9915, 0.9881, 0.9854 and 0.9820. Here, we continue to follow the downward cycle from May 10. At the moment, the price is in correction. The continuation of the movement towards the bottom is expected after the breakdown of 0.9915. In this case, the target is 0.9881. In the area of 0.9881 - 0.9854 is short-term downward movement and also the consolidation of the price. For the potential value for the bottom, consider the level of 0.9820. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possible in the area of 0.9950 - 0.9965. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9996. This level is the key support for the downward structure.

The main trend is the downward structure from May 10, the correction stage.

Trading recommendations:

Buy: 0.9950 Take profit: 0.9964

Buy: 0.9967 Take profit: 0.9992

Sell: 0.9913 Take profit: 0.9883

Sell: 0.9878 Take profit: 0.9855

For the USD / JPY pair, the key levels on a scale are: 110.70, 110.26, 109.98, 109.42, 109.56, 109.09, 108.84, 108.14 and 107.64. Here, we follow the downward structure of May 21. The continuation of the movement towards the bottom is expected after passing the price of the noise range at 109.09 - 108.84. In this case, the target is 108.14. For the potential value for the bottom, consider the level of 107.64. Upon reaching this level, we expect consolidation as well as a rollback to the top.

Going into correction is expected after the breakdown of 109.56. Here, the first target is 109.98. Short-term upward movement is possible in the area of 109.98 - 110.26. The breakdown of the last value will lead to the formation of an upward structure. Here, the potential target is 110.70.

The main trend is the downward structure of May 21.

Trading recommendations:

Buy: 109.57 Take profit: 109.96

Buy: 110.28 Take profit: 110.70

Sell: 108.82 Take profit: 108.20

Sell: 108.12 Take profit: 107.66

For the CAD / USD pair, the key levels on the H1 scale are: 1.3204, 1.3159, 1.3093, 1.3049, 1.2963, 1.2922, 1.2868 and 1.2809. Here, we follow the upward structure of May 22. Short-term upward movement is expected in the area of 1.3049 - 1.3093. The breakdown of the last value will lead to the development of a pronounced movement. Here, the target is 1.3159. For the potential value for the top, consider the level of 1.3204. Upon the reaching this level, we expect consolidation as well as a pullback to the bottom.

Short-term downward movement is possible in the range of 1.2963 - 1.2922. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2868. This level is the key support for the upward trend.

The main trend is upward from May 22.

Trading recommendations:

Buy: 1.3050 Take profit: 1.3090

Buy: 1.3095 Take profit: 1.3157

Sell: 1.2961 Take profit: 1.2924

Sell: 1.2920 Take profit: 1.2868

For the AUD / USD pair, the key levels on the scale of H1 are: 0.7711, 0.7687, 0.7650, 0.7622, 0.7590, 0.7496 and 0.7445. Here, the price is close to lifting the upward structure from May 15, which requires a breakdown at 0.7496. In this case, the potential target for the downward movement is 0.7445. The continuation of the movement towards the top is expected after the breakdown of 0.7590. Here, the target is 0.7622. In the area of 0.7622 - 0.7650 is short-term upward movement as well as is the consolidation of the price. The breakdown at the level of 0.7650 should be accompanied by a pronounced upward movement. The target here is 0.7687. For the potential value for the top, consider the level of 0.7711.

The main trend is a local upward structure from May 15, a stage of deep correction.

Trading recommendations:

Buy: 0.7590 Take profit: 0.7620

Buy: 0.7624 Take profit: 0.7650

Sell: 0.7496 Take profit: 0.7450

Sell: Take profit:

For the of EUR / JPY pair, the key levels on the scale of H1 are: 129.47, 128.95, 128.16, 127.52, 125.87, 125.04 and 123.89. Here, we follow the downward structure of the price from May 22. Short-term movement towards the bottom is expected in the range of 125.87 - 125.04. For the potential value for the downward structure from May 22, consider the level of 123.89. The movement towards this level is expected after the breakdown of 125.04.

Short-term upward movement is possible in the area of 127.52 - 128.16. The breakdown of the last value will lead to in-depth correction. Here, the target is 128.95. The range of 128.95 - 129.47 is the key support for the downward structure.

The main trend is the downward structure of May 22.

Trading recommendations:

Buy: 127.52 Take profit: 128.10

Buy: 128.18 Take profit: 128.90

Sell: 125.85 Take profit: 125.06

Sell: 125.02 Take profit: 123.90

For the GBP / JPY pair, the key levels on the scale of H1 are: 148.35, 147.50, 146.82, 146.03, 144.89, 144.29, 142.73 and 141.63. Here, we follow the downward structure of May 18. The continuation of the movement towards the bottom is expected after passing the price of the noise range of 144.89 - 144.29. In this case, the target is 142.73. Near this level is the consolidation of the price. For the potential value for the bottom, consider the level of 141.63. Upon reaching this level, we expect a departure towards correction.

The departure in the corrective movement is expected after the breakdown of 146.03. Here, the first target is 146.82. Short-term upward movement is possible in the area of 146.82 - 147.50. The breakdown of the last value will lead to in-depth correction. Here, the target is 148.35. This level is the key support for the downward structure from May 18.

The main trend is the downward structure of May 18.

Trading recommendations:

Buy: 146.05 Take profit: 146.80

Buy: 146.84 Take profit: 147.46

Sell: 144.25 Take profit: 142.80

Sell: 142.70 Take profit: 141.70