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17 August 2020

Forex technical analysis and forecast: Majors, equities and commodities

EURUSD, “Euro vs US Dollar”

After finishing another ascending wave at 1.1860 and then reaching 1.1818, EURUSD has formed a new consolidation range around the latter level just to break it to the downside and reach 1.1793; right now, it is growing to return to 1.1818 and break it. After that, the instrument may move upwards to break 1.1870 and then continue trading to the upside to reach at least 1.1930. However, if the price falls and breaks 1.1780, the market may start another decline with the target at 1.1700.

GBPUSD, “Great Britain Pound vs US Dollar”

After forming a new consolidation range at 1.3066, breaking it to the upside, and then reaching the target at 1.3127, GBPUSD has returned to 1.3045; right now, it is consolidating around 1.3066. If later the price breaks this range to the upside at 1.3095, the market may start a new growth to break 1.3128 and then continue trading upwards to reach 1.3222; if to the downside at 1.3040 – resume moving inside the downtrend with the target at 1.2970.

USDCHF, “US Dollar vs Swiss Franc”

USD/CHF is still consolidating around 0.9100. If later the price breaks this range to the downside, the market may start a new decline to reach 0.9050 or even 0.9000; if to the upside – resume moving upwards with the target at 0.9150 or even 0.9222.

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

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