FX.co ★ Fractal analysis of major currency pairs on February 24

Outlook on February 24:

Analytical review of popular currency pairs on the hourly chart:

The key levels for the EUR/USD pair are 1.2315, 1.2276, 1.2237, 1.2220, 1.2190, 1.2144, 1.2116 and 1.2084.The price has been moving in an upward trend since February 17. Thus, we expect it to continue ascending after the level of 1.2190 is broken. The target is set at 1.2220. The price breaking through the 1.2220 - 1.2237 range will allow us to move to the next target of 1.2276. The final potential upward target is 1.2315. After reaching this level, the price may consolidate and pullback downwards.

A short-term decline, in turn, can be expected in the 1.2144 - 1.2116 range. Once the level of 1.2116 is broken, a deep correction can be expected. The target is seen at 1.2084, which is also the key support level.

The main trend is the upward trend from February 17.

Trading recommendations:

Buy: 1.2190 Take profit: 1.2220

Buy: 1.2238 Take profit: 1.2276

Sell: 1.2144 Take profit: 1.2118

Sell: 1.2115 Take profit: 1.2085

The key levels for the GBP/USD pair are 1.4389, 1.4312, 1.4238. 1.4155, 1.4099, 1.4042 and 1.3992. The price has been rising since February 17. In this case, we expect the upward trend to continue after the level of 1.4238 is broken. The target is set at 1.4312. The price may consolidate around this level. The final upward target is 1.4389. After reaching this level, price consolidation and downward pullback can be expected.

On the other hand, a short-term decline is expected in the 1.4155 - 1.4099 range. If the level of 1.4099 is broken, a deep correction will occur. The target is set at 1.4042. The key support is in the range of 1.4042 - 1.3992.

The main trend is the local upward potential from February 17.

Trading recommendations:

Buy: 1.4238 Take profit: 1.4311

Buy: 1.4313 Take profit: 1.4389

Sell: 1.4155 Take profit: 1.4100

Sell: 1.4097 Take profit: 1.4042

The key levels for the USD/CHF pair are 0.9159, 0.9121, 0.9084, 0.9064, 0.9037, 0.9020 and 0.8991. The price considers the trend from February 16 as a mid-term initial condition. Now, we expect a short-term growth in the 0.9064 - 0.9084 range. Once the last value is broken, strong movement will follow towards the target of 0.9121. The price may consolidate around this level. The final potential upward target is 0.9159. After reaching this level, a downward pullback can be expected.

A short-term decline is expected in the 0.9037 - 0.9020 range. A breakout of 0.9020 will lead to a deep correction. The target is set at 0.8991, which is also the key support level.

The main trend is the upward trend from February 16.

Trading recommendations:

Buy: 0.9064 Take profit: 0.9082

Buy: 0.9086 Take profit: 0.9120

Sell: 0.9037 Take profit: 0.9022

Sell: 0.9018 Take profit: 0.8991

The key levels for the USD/JPY are 106.23, 105.86, 105.48, 104.88, 104.66, 104.34, 104.21 and 103.88. The price has been moving in a bearish trend since February 17. Therefore, we expect a short-term decline to happen in the 104.88 -104.66 range. If the last value is broken, a deep correction will occur. The target is set at 104.34. The price may consolidate near this level, that is, in the range of 104.34 - 104.21. The final potential downward target is 103.88. After this level is reached, the price may pullback upwards.

A short-term growth, on the contrary, is possible in the 105.48 - 105.86 range. If the last value breaks down, the upward trend may develop. In this case, the potential target is 106.23.

The main trend is the downward trend from February 17, correction stage.

Trading recommendations:

Buy: 105.50 Take profit: 105.84

Buy: 105.88 Take profit: 106.23

Sell: 104.88 Take profit: 104.67

Sell: 104.64 Take profit: 104.35

The key levels for the USD/CAD pair are 1.2740, 1.2672, 1.2643, 1.2581, 1.2539, 1.2482, 1.2456 and 1.2408. The price has been declining since February 17. We expect it to further decline after the breakdown of the level of 1.2581. After that, it can move to the target of 1.2539. The price may consolidate around this level. If this target is broken, the strong decline will resume to the target of 1.2482. A price consolidation will follow in the 1.2482 - 1.2456 range. The final potential downward target is 1.2408. After reaching this level, an upward pullback can be expected.

A short-term growth, in turn, is possible in the 1.2643 - 1.2672 range. Once the level of 1.2672 is broken, the upward trend may develop. The potential target is set at 1.2740.

The main trend is a downward trend from January 28, a local downward trend from February 17.

Trading recommendations:

Buy: 1.2643 Take profit: 1.2671

Buy: 1.2674 Take profit: 1.2740

Sell: 1.2580 Take profit: 1.2542

Sell: 1.2537 Take profit: 1.2482

The key levels for the AUD/USD pair are 0.8097, 0.8047, 0.7996, 0.7955, 0.7881. 0.7848, 0.7800 and 0.7723. The price has been moving in an upward trend since February 2. In this case, we expect a short-term growth in the range of 0.7955 - 0.7996. If the last value is broken, strong growth can be expected towards the next target set at 0.8047. The ultimate potential upward target is the level of 0.8097. After reaching this level, the price may pull back downwards.

A short-term decline is possible in the range of 0.7881 - 0.7848. If the level of 0.7848 is broken, a deep correction will occur. The target is set at 0.7800, which is also the key support level. The price breaking through this level will encourage the development of a downward trend. In such a case, the first potential target is 0.7723.

The main trend is the upward trend from February 2.

Trading recommendations:

Buy: 0.7956 Take profit: 0.7995

Buy: 0.7998 Take profit: 0.8047

Sell: 0.7881 Take profit: 0.7848

Sell: 0.7846 Take profit: 0.7800

The key levels for the EUR/JPY pair are 129.40, 129.10, 128.82, 128.47, 128.26, 127.58, 127.23, 126.99 and 126.55. The price, which has been moving upward since February 4, has formed a local trend for the upward trend from February 17. We expect growth to resume after the price breaks through the 128.26 - 128.47 range. In such a case, the target is set at 128.82. Meanwhile, a short-term growth and consolidation is possible in the range of 128.82 - 129.10. The final potential upward target is 129.40. After reaching this level, a downward pullback can be expected.

The upward key support level is 127.58. The breakdown of this level will further develop the downward trend. If it happens, the target will be set at 127.23. The price may consolidate in the range of 127.23 - 126.99. The final potential downward target is the 126.55 level. After reaching this level, an upward pullback may occur.

The main trend is an upward trend from February 4, local trend from February 17.

Trading recommendations:

Buy: 128.48 Take profit: 128.82

Buy: 128.84 Take profit: 129.10

Sell: 127.58 Take profit: 127.23

Sell: 126.97 Take profit: 126.55

The key levels for the GBP/JPY pair are 151.39, 150.26, 149.15, 148.15, 147.04 and 146.42. The price has been moving in an upward trend starting from February 4. In this case, we expect the trend to extend after the price breaks through the 150.26 level. The next potential target is 151.39. After reaching this level, a downward pullback can be expected.

A short-term decline, in turn, is expected in the 149.15 - 148.15 range. If the level of 148.15 breaks down, a deep correction will occur. The target is set at 147.04. The key support is in range of 147.04 - 146.42.

The main trend is the upward trend from January 18, local upward trend from February 4.

Trading recommendations:

Buy: 150.26 Take profit: 151.39

Buy: Take profit:

Sell: 149.15 Take profit: 148.17

Sell: 148.13 Take profit: 147.04