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19 August 2020

Forex technical analysis and forecast: Majors, equities and commodities

EUR/USD, “Euro vs US Dollar”

After finishing the ascending structure at 1.1894 and then forming a new consolidation range around this level, EURUSD has broken it to the upside to reach 1.1964 and may continue trading upwards with the target at 1.2080. Today, the pair may fall to test 1.1906 from above and then form one more ascending structure to reach the above-mentioned target. However, if the price rebounds from 1.1950 and breaks 1.1900, the market may start another correction towards 1.1850.

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

After completing the ascending wave at 1.3263, GBPUSD is falling towards 1.3208 and may later grow to reach 1.3232, thus forming a new consolidation range. If the price breaks this range to the downside, the market may start a new correction towards 1,3155; if to the upside – expand the range up to 1.3300.

USD/CHF, “US Dollar vs Swiss Franc”

After breaking 0.9070 to the downside, USDCHF has reached 0.9020. Possibly, today the pair may return to 0.9070 and test it from below. After that, the instrument may resume moving downwards with the target at 0.9000.

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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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