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Market review 05 August 2020

05 August 2020

Forex technical analysis and forecast: Majors, equities and commodities

EUR/USD, “Euro vs US Dollar”

After finishing the descending impulse at 1.1700, EURUSD is correcting towards 1.1800. After that, the instrument may form a new descending structure to break 1.1700 and then continue trading downwards with the short-term target at 1.1588.

GBP/USD, “Great Britain Pound vs US Dollar”

After reaching 1.3000, GBPUSD has finished the correction towards 1.3084. Today, the pair may fall to return to 1.3000 and break it to the downside. Later, the market may continue moving downwards with the short-term target at 1.2875.

USD/CHF, “US Dollar vs Swiss Franc”

USD/CHF has completed the ascending impulse at 0.9240; right now, it is correcting towards 0.9147. Later, the market may resume trading upwards to break 0.9240 and then continue growing with the target at 0.9333

S&P 500

After breaking 3285.2 and then reaching 3305.5, the S&P index is expected to return to 3285.2 and test it from above. Later, the market may resume moving upwards with the short-term target at 3345.1.

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The Company gives no representation, warranty or guarantee as to the accuracy, correctness or completeness of this information. The information contained in this market review should not be construed in any way, as containing investment advice and/or a suggestion and/or solicitation for any trading activity and financial transaction.

Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance.