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Forex Analysis & Reviews: Fractal analysis of main currency pairs on July 24th
time 24.07.2020 09:22 AM
time Relevance up to, 25.07.2020 08:56 AM

For the euro/dollar pair, the main continuation of the upward movement is expected after the breakdown of the level of 1.1620. The level of 1.1539 is the key support. For the pound/dollar pair, the continuation of the upward movement is expected after the breakdown of the level of 1.2778. The level of 1.2684 is the key support. For the dollar/franc pair, the continuation of the downward movement is expected after the breakdown of the level of 0.9235. The level of 0.9285 is the key support. For the dollar/yen pair, we are following the downward structure from July 20. The level of 106.38 is the key resistance, while the level of 106.76 is the key support. For the euro/yen pair, we continue to monitor the upward structure from July 10. The level of 123.21 is the key support. For the pound/yen pair, we follow the upward structure from July 17. The continuation of the upward movement is expected after the breakdown of the level of 136.60. The level of 135.18 is the key support.

Forecast for July 24:

Analytical overview of currency pairs on the H1 scale:

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The key levels for the euro / dollar pair on the H1 scale are: 1.1662, 1.1619, 1.1564, 1.1539, 1.1498 and 1.1421. Here, we are following the July 10 upward structure. The continuation of the upward movement is expected after the breakdown of the level of 1.1619. In this case, the target is 1.1662. Price consolidation and a pullback into correction are expected from here.

A short-term downward movement is possible in the range of 1.1564 - 1.1539. The breakdown of the last level will lead to a deep correction. Here, the target is 1.1498. This is a key support level for the top.

The main trend is the upward structure from July 10

Trading recommendations:

Buy: 1.1620 Take profit: 1.1660

Buy: Take profit:

Sell: 1.1563 Take profit: 1.1540

Sell: 1.1537 Take profit: 1.1500

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The key levels for the pound / dollar pair on the H1 scale are: 1.2885, 1.2823, 1.2778, 1.2709, 1.2684 and 1.2644. Here, we are following the July 14 rising structure. A short-term upward movement is expected in the range of 1.2778 - 1.2824. For the potential value for the top, we consider the level of 1.2885. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 1.2709 - 1.2684. The breakdown of the last level will lead to a deep correction. Here, the target is 1.2644. This is a key support level for the top.

The main trend is the upward cycle from July 14.

Trading recommendations:

Buy: 1.2779 Take profit: 1.2821

Buy: 1.2826 Take profit: 1.2885

Sell: 1.2709 Take profit: 1.2685

Sell: 1.2682 Take profit: 1.2645

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The key levels for the dollar / franc pair on the H1 scale are: 0.9346, 0.9325, 0.9285, 0.9260, 0.9235, 0.9210, 0.9194 and 0.9162. Here, we are following the development of the July 16 downward cycle. The continuation of the downward movement is expected after the breakdown of the level of 0.9235. In this case, the target is 0.921. Price consolidation is in the range of 0.9210 - 0.9194. For the potential value for the bottom, we consider the level of 0.9162. Upon reaching which, we expect consolidation, as well as an upward pullback.

A short-term upward movement is possible in the range of 0.9260 - 0.9285. The breakdown of the last level will lead to a deep correction. Here, the target is 0.9325. The range of 0.9346 - 0.9325 is the key support for the downward structure from July 16.

The main trend is the descending structure from July 16

Trading recommendations:

Buy : 0.9260 Take profit: 0.9283

Buy : 0.9287 Take profit: 0.9325

Sell: 0.9235 Take profit: 0.9210

Sell: 0.9194 Take profit: 0.9162

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The key levels for the dollar / yen pair on the scale are : 107.05, 106.76, 106.59, 106.38, 106.04, 105.81, 105.52 and 105.33. Here, we are following the formation of the July 20 downtrend structure. The continuation of the downward movement is expected after the breakdown of the level of 106.38. In this case, the target is 106.04. There is a short-term downward movement, as well as consolidation in the range of 106.04 - 105.81. The breakdown of the level of 105.80 should be accompanied by a pronounced downward movement. Here, the target is 105.33. Upon reaching which, we expect consolidation in the range of 105.52 - 105.33, as well as an upward pullback.

A short-term upward movement is possible in the range of 106.59 - 106.76. The breakdown of the last level will lead to a deep correction. Here, the target is 107.05. This is a key support level for the bottom.

The main trend is the downward structure from July 20

Trading recommendations:

Buy: 106.60 Take profit: 106.74

Buy : 106.78 Take profit: 107.05

Sell: 106.34 Take profit: 106.06

Sell: 106.03 Take profit: 105.83

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The key levels for the Canadian dollar / US dollar pair on the H1 scale are: 1.3539, 1.3517, 1.3468, 1.3437, 1.3395, 1.3358, 1.3303, 1.3274 and 1.3211. Here, we are following the downward structure from July 14th. A consolidated movement is expected in the range of 1.3395 - 1.3358. The breakdown of the last value will lead to movement to the level of 1.3303. Price consolidation is in the range of 1.3303 - 1.3274. We consider the level of 1.3211 as a potential value for the bottom; upon reaching this level, we expect an upward pullback.

A short-term upward movement is possible in the range of 1.3437 - 1.3468. The breakdown of the last value will lead to a deep correction. Here, the target is 1.3517. The range of 1.3517- 1.3539 is the key support for the downward structure.

The main trend is the descending structure from July 14

Trading recommendations:

Buy: 1.3437 Take profit: 1.3466

Buy : 1.3469 Take profit: 1.3517

Sell: 1.3495 Take profit: 1.3360

Sell: 1.3357 Take profit: 1.3303

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The key levels for the Australian dollar / dollar pair on the H1 scale are : 0.7222, 0.7178, 0.7149, 0.7128, 0.7084, 0.7057, 0.7018, 0.6994 and 0.6959. Here we are watching the upward structure from July 14. At the current moment, the price is in correction and is forming a potential for a downward movement from July 22. A short-term downward movement is expected in the range of 0.7084 - 0.7057. The breakdown of the last value will lead to a pronounced movement. Here, the target is 0.7018. There is a short-term downward movement, as well as consolidation in the range of 0.7018 - 0.6994. For the potential value for the bottom, we consider the level of 0.6959. Upon reaching which, we expect consolidation, as well as an upward pullback.

A short-term upward movement is possible in the range of 0.7128 - 0.7149. The breakdown of the last level will favor the development of an upward structure. In this case, the first target is 0.7178. We consider the level 0.7222 as a potential value for the top. Upon reaching which, we expect consolidation, as well as a downward pullback.

The main trend is the local upward structure of July 14, the stage of correction

Trading recommendations:

Buy: 0.7128 Take profit: 0.7149

Buy: 0.7151 Take profit: 0.7178

Sell : 0.7084 Take profit : 0.7060

Sell: 0.7055 Take profit: 0.7018

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The key levels for the euro / yen pair on the H1 scale are: 125.37, 124.66, 124.26, 123.67, 123.21, 122.56 and 122.26. Here, we are following the July 10 upward structure. A short-term upward movement is expected in the range 124.26 - 124.66. The breakdown of the last level will allow us to count on a movement to a potential target - 125.37. Upon reaching this level, we expect a downward pullback.

A short-term downward movement, as well as consolidation, are possible in the range of 123.67 - 123.21. The breakdown of the last value will lead to a deep correction. Here, the target is 122.56. The range of 122.56 - 122.26 is the key support for the upside.

The main trend is the upward structure from July 10

Trading recommendations:

Buy: 124.26 Take profit: 124.66

Buy: 124.70 Take profit: 125.35

Sell: 123.65 Take profit: 123.25

Sell: 123.18 Take profit: 122.60

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The key levels for the pound / yen pair on the H1 scale are : 138.41, 137.73, 137.25, 136.55, 136.04, 135.48, 135.18 and 134.75. Here, we are following the July 17 upward structure. A consolidated movement is expected in the range 136.04 - 136.55. The breakdown of the last level should be accompanied by a pronounced upward movement. In this case, the target is 137.25. There is a short-term upward movement in the range of 137.25 - 137.73. For the potential value for the top, we consider the level of 138.41. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is expected in the range of 135.48 - 135.18. The breakdown of the last level will lead to a deep correction. Here, the target is 134.75. This is a key support level for the top.

The main trend is the upward structure from July 17

Trading recommendations:

Buy: 136.60 Take profit: 137.25

Buy: 137.27 Take profit: 137.70

Sell: 135.16 Take profit: 134.80

Sell: 134.75 Take profit: 134.10

Daichi Takahashi,
Analytical expert of InstaForex
© 2007-2022
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