FX.co ★ Fractal analysis of major currency pairs on July 8, 2021

Outlook on July 8:

Analytical overview of popular currency pairs on the H1 chart:

The key levels for the EUR/USD pair are 1.1890, 1.1839, 1.1817, 1.1774, 1.1741, 1.1718, and 1.1675. The price has been moving in a downward trend since June 25. We expect this trend to continue after the level of 1.1774 is broken. The target is set at 1.1741. After that, a short-term decline and consolidation can be expected in the range of 1.1741 - 1.1718. The final potential downward target is 1.1675. After reaching it, an upward pullback can be expected.

A short-term growth, in turn, is possible in the 1.1817 - 1.1839 range. If the latter is broken, an upward trend will develop. Here, the potential target is 1.1890.

The main trend is a local downward trend from June 25.

Trading recommendations:

Buy: 1.1817 Take profit: 1.1837

Buy: 1.1841 Take profit: 1.1890

Sell: 1.1774 Take profit: 1.1741

Sell: 1.1718 Take profit: 1.1680

The key levels for the GBP/USD pair are 1.3930, 1.3912, 1.3867, 1.3835, 1.3773, 1.3734, and 1.3679. The price is expected to develop its downward trend from July 6. The breakdown of the level of 1.3773 will lead to a short-term decline. The target is set at 1.3734 and the price may consolidate near it. If the indicated target is broken, strong movement will continue to the potential target of 1.3679. The price may consolidate again around this level.

Short-term growth is likely in the range of 1.3835 - 1.3867. If the last value is broken, the upward trend from July 2 will develop. The potential target is set at 1.3930. After that, a price consolidation in the range of 1.3930 - 1.3912 can be expected.

The main trend is the downward trend from July 6.

Trading recommendations:

Buy: 1.3835 Take profit: 1.3865

Buy: 1.3868 Take profit: 1.3912

Sell: 1.3771 Take profit: 1.3735

Sell: 1.3733 Take profit: 1.3680

The key levels for the USD/CHF pair are 0.9364, 0.9331, 0.9315, 0.9291, 0.9269, 0.9239, 0.9212, 0.9188 and 0.9141. The price has been moving in a local upward trend since June 25. We expect it to consolidate in the range 0.9239 - 0.9269. After that, short-term growth is possible in the 0.9269 - 0.9291 range. If the latter is broken, it will allow us to move to the level of 0.9315. Another short-term downward movement and consolidation can be expected in the range of 0.9315 - 0.9331. The ultimate potential upward target is 0.9364. After reaching it, a downward pullback can be expected.

A short-term decline, as well as consolidation, are possible in the range of 0.9212 - 0.9188. If the level of 0.9188 is broken, the downward trend will develop. The potential target is set at 0.9141.

The main trend is the upward trend from June 9, local upward trend from June 25.

Trading recommendations:

Buy: 0.9270 Take profit: 0.9290

Buy: 0.9292 Take profit: 0.9315

Sell: 0.9212 Take profit: 0.9190

Sell: 0.9186 Take profit: 0.9144

The key levels for the USD/JPY pair are 110.98, 110.71, 110.55, 110.21, 109.99, 109.84, and 109.51. The price has been moving in a bearish trend since July 1. We expect this trend to resume after breaking through the level of 110.21. The target is set at 109.99. After that, the price may consolidate in the range of 109.99 - 109.84. The final potential downward target is 109.51. After reaching it, the price may pull back upwards.

Short-term growth is possible in the range of 110.55 - 110.71. If the latter is broken, a deep correction will occur. The target is set at 110.98, which is also the key support level.

The main trend is the downward trend from July 1.

Trading recommendations:

Buy: 110.55 Take profit: 110.70

Buy: 110.72 Take profit: 110.98

Sell: 110.19 Take profit: 110.00

Sell: 109.84 Take profit: 109.51

The key levels for the USD/CAD pair are 1.2695, 1.2636, 1.2609, 1.2538, 1.2487, 1.2450, and 1.2400. The upward trend from July 6 is expected to continue developing after the level of 1.2538 is broken. The target is set at 1.2609. After that, short-term growth and consolidation can be expected in the 1.2609 - 1.2636 range. The ultimate potential upward target is 1.2695. After reaching it, a downward pullback can be expected.

Meanwhile, a short-term decline is likely in the range of 1.2487 - 1.2450. If the last value is broken, a deep correction will occur. The target is set at 1.2400, which is also the key support level.

The main trend is the upward trend from July 6.

Trading recommendations:

Buy: 1.2540 Take profit: 1.2609

Buy: 1.2637 Take profit: 1.2695

Sell: 1.2487 Take profit: 1.2452

Sell: 1.2449 Take profit: 1.2402

The key levels for the AUD/USD pair are 0.7557, 0.7541, 0.7505, 0.7482, 0.7437, 0.7409, 0.7390 and 0.7354. The price has been moving in a downward trend since July 6. We expect this trend to extend after the level of 0.7437 is broken. The target is set at 0.7409. After that, a short-term decline and consolidation can be expected in the range of 0.7409 - 0.7390. The ultimate potential downward target is 0.7354. After reaching it, the price may pull back upwards.

On the other hand, short-term growth can be expected in the 0.7482 - 0.7505 range. If the latter is broken, a deep correction will follow. The target is set at 0.7540. The key support is in the range of 0.7541 - 0.7557, but before it, the initial upward conditions is expected to be formed

The main trend is the downward trend from July 6.

Trading recommendations:

Buy: 0.7482 Take profit: 0.7503

Buy: 0.7507 Take profit: 0.7540

Sell: 0.7435 Take profit: 0.7410

Sell: 0.7407 Take profit: 0.7390

The key levels for the EUR/JPY pair are 130.95, 130.58, 130.33, 129.92, 129.70, and 129.16. We are following the development of the downward trend from July 1. We expect this trend to resume after the price breaks through the range of 129.92 - 129.70. Here, the potential target is 129.16. After reaching it, an upward pullback can be expected.

In turn, short-term growth is possible in the range of 130.33 - 130.58. If the latter is broken, a deep correction will occur. The target is set at 130.95, which is also the key support level.

The main trend is the downward trend from July 1.

Trading recommendations:

Buy: 130.33 Take profit: 130.57

Buy: 130.60 Take profit: 130.95

Sell: 129.70 Take profit: 129.20

Sell: Take profit:

The key levels for the GBP/JPY pair are 153.23, 153.00, 152.60, 152.29, 151.68, 151.26, 151.01, 150.47, and 149.92. The price has been moving in a bearish trend since July 6. We expect this trend to continue after the level of 151.68 is broken. The target is set at 151.26 and the price may consolidate near it. The price breaking through the noise range of 151.26 - 151.01 will lead to the development of a strong movement to the target of 150.47. The ultimate potential downward target is 149.92. After reaching it, the price may consolidate and pull back upwards.

Short-term growth is likely in the range of 152.29 - 152.60. If the last value is broken, a deep correction will occur. The target is set at 153.00. The key support for the downside is the range of 153.00 - 153.23.

The main trend is the downward trend from July 6.

Trading recommendations:

Buy: 152.29 Take profit: 152.60

Buy: 152.62 Take profit: 153.00

Sell: 151.00 Take profit: 150.50

Sell: 150.45 Take profit: 149.95