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

Outlook for January 29:

Analytical overview of currency pairs on H1 chart:

The key levels on EUR/USD in the H1 time frame are 1.2154, 1.2134, 1.2116, 1.2072, 1.2049, 1.2038, 1.2015, and 1.1998. The price has been moving in a downtrend since January 22. The downward movement is expected to continue after a breakout at 1.2072. The target is seen at the level of 1.2049. A short-term downward price movement and consolidation may occur in the 1.2049 - 1.2038 corridor. In case of a breakout at 1.203, a strong downward trend is expected. The target is seen at 1.2015. If the pair reaches 1.1998, it may consolidate and an upward pullback may occur.

A short-term upward movement may take place in the 1.2116 - 1.2134 corridor. A breakout at 1.2134 will lead to a deep correction. In this case, the target is set at 1.2154, which is also the key support level.

The main trend is the downward trend from January 22.

Trading recommendations:

Buy: 1.2116. Take profit: 1.2133

Buy: 1.2135. Take profit: 1.2152

Sell: 1.2072. Take profit: 1.2050

Sell: 1.2036. Take profit: 1.2018

As for the GBP/USD pair, the key levels in the H1 time frame are 1.3889, 1.3852, 1.3792, 1.3756, 1.3698, 1.3668, 1.3619, and 1.3521. The price has been moving upward since January 11. The price is currently in a correction mode. In the range of 1.3756 - 1.3792, a short-term upward movement, consolidation, and a breakout at 1.3792 will lead to the strengthening of the upward trend. The target is seen at 1.3852. If the price reaches the level of 1.3889, it may consolidate and a downward pullback may occur.

A short-term downward movement and consolidation are expected in the range of 1.3668 - 1.3619. The 1.3619 - 1.3596 corridor is seen as the key upward support. If the price breaks through the corridor, the downward trend is likely to start. In this case, a potential target is seen at 1.3521.

The main trend is the upward trend from January 11. The price is in a correction mode.

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

As for the USD/CHF pair, the key levels in the H4 time frame are 0.9070, 0.9042. 0.8982, 0.8957, 0.8921, 0.8858, 0.8817, and 0.8756. In this case, we are still tracing the current situation on the H4 chart. At the moment, the price is in the zone of the start of the upward trend that began on January 6. The upward movement is expected to extend after a breakout at 0.8921. The target is set at 0.8957. The price may consolidate close to this level. If the pair breaks through the noise range of 0.8957 - 0.8982, it will lead to a stronger upward movement. In such a case, the target is seen at 0.9042. If the price reaches the level of 0.9070, it may consolidate and a downward pullback may occur.

A short-term downward movement is expected in the 0.8858 - 0.8817 corridor. The price may reverse upward from this range. A breakout at the level of 0.8817 will lead to the strengthening of the downward trend. In this case, the potential target is seen at 0.8756.

The main trend is the upward trend from January 6.

Trading recommendations:

Buy: 0.8921 Take profit: 0.8957

Buy: 0.8982 Take profit: 0.9040

Sell: 0.8858 Take profit: 0.8820

Sell: 0.8815 Take profit: 0.8757

As for the USD/JPY pair, the key levels are: 105.22, 105.11, 104.84, 104.71, 104.45, 104.34, and 104.13. The upward trend has been developing since January 21. At the moment, we expect the price to go to the level of 104.71. A short-term upward movement and consolidation in the 104.71- 104.84 corridor may take place. A breakout at the level of 104.84 will lead to the strengthening of the upward trend. The target is set at 105.11. If the price reaches the level of 105.22, it may consolidate and a downward pullback may occur.

A short-term downward movement is expected in the 104.45 - 104.34 corridor. A breakout at 104.34 will lead to a deeper correction. In this case, the target is seen at 104.13, which is also the key upward support.

The main trend is the upward trend from January 21.

Trading recommendations:

Buy: 104.72. Take profit: 104.84

Buy: 104.86. Take profit: 105.10

Sell: 104.45. Take profit: 104.35

Sell: 104.32. Take profit: 104.15

As for the CAD/USD pair, the key levels in the H1 time frame are 1.2975, 1.2919, 1.2891, 1.2851, 1.2810, 1.2791, and 1.2762. The upward trend has been developing since January 21. At the moment, we expect the price to reach the level of 1.2891. A short-term upward movement and consolidation in the 1.2891 - 1.2919 corridor may take place. If the price reaches the level of 1.2975, it may consolidate and a downward pullback may occur.

The price is expected to consolidate in the 1.2810 - 1.2791 corridor. A breakout at 1.2791 will lead to a deep correction. In such a case, the target is seen at 1.2762, which is also the key upward support. If the price breaks through it, it will lead to the beginning of the downward trend. Then, the potential target will be set at 1.2685.

The main trend is the upward trend from January 21.

Trading recommendations:

Buy: 1.2851. Take profit: 1.2890

Buy: 1.2892. Take profit: 1.2919

Sell: 1.2791. Take profit: 1.2762

Sell: 1.2760. Take profit: 1.2715

As for the AUD/USD, the key levels on the H1 chart are 0.7781, 0.7765, 0.7725, 0.7700, 0.7633, 0.7620, 0.7598, 0.7581, and 0.7539. The price has been moving downward since January 21. At the current moment, the price is in correction. A short-term upward movement is expected in the 0.7700 - 0.7725 range. In case of a breakout at 0.7725, the price may reverse and go up. The target is seen at 0.7765. If the price reaches the level of 0.7781, it may consolidate and a downward pullback may occur.

A short-term upward movement is expected in the 0.7633 - 0.7620 corridor. A breakout at 0.7620 will lead to the development of a downward trend. In this case, the target will be at 0.7598. A short-term downward movement is expected in the 0.7598 - 0.7581 corridor. In case of a breakout at the level of 0.7581, the price may reach the target of 0.7539.

The main trend is the upward trend from January 21, the price is in the stage of correction.

Trading recommendations:

Buy: 0.7700. Take profit: 0.7725

Buy: 0.7727. Take profit: 0.7765

Sell: 0.7620. Take profit: 0.7598

Sell: 0.7580. Take profit: 0.7540

As for the EUR/JPY pair, the key levels on the H1 chart are 127.38, 127.01, 126.85, 126.57, 126.31, 126.16, and 125.90. The pair has been moving in the upward trend since January 18. The downward movement is expected after a breakout at 126.57. The target is set at 126.85. A short-term upward movement and consolidation in the 126.85 - 127.01 corridor is likely to take place. A breakout at 127.01 should be accompanied by a strong upward movement. The potential target is seen at 127.38. If the price reaches this level, a downward pullback may occur.

A short-term downward movement, possibly in the 126.31 - 126.16 corridor. A breakout at 126.16 will lead to a deep correction. The target is at 125.90, which is also the key upward support.

Main trend is the upward structure from January 18.

Trading recommendations:

Buy: 126.58. Take profit: 126.85

Buy: 126.87. Take profit: 127.00

Sell: 126.30. Take profit: 126.16

Sell: 126.14. Take profit: 125.92

As for the GBP/JPY pair, the key levels on the H1 chart are 144.57, 143.91, 143.62, 142.97, 142.71, and 142.24. The upward trend has been developing since January 18. At the moment, the price is expected to go to the level of 143.62. A short-term upward movement and consolidation in the 143.62 - 143.91 corridor may take place. If the price reaches 144.57, it may consolidate and a downward pullback may occur.

A short-term downward movement is expected in the 142.97 - 142.71 corridor. A breakout at 142.71 will lead to a deep correction. The target is seen at 142.24, which is also the key upward support.

The main trend is the upward trend from January 18.

Trading recommendations:

Buy: 143.62. Take profit: 143.90

Buy: 143.94. Take profit: 144.55

Sell: 142.97. Take profit: 142.71

Sell: 142.68. Take profit: 142.24