Forex technical analysis and forecast

Forex technical analysis and forecast: Majors, equities and commodities

USD/CHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, USDCHF is still trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the pair is expected to test 2/8, break it, and then continue falling towards the support at 1/8. However, this scenario may be cancelled if the price breaks the resistance at 3/8 to the upside. After that, the instrument may move upwards to reach 4/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

XAU/USD, “Gold vs US Dollar”

As we can see in the H4 chart, after breaking the 200-day Moving Average, XAUUSD is also trading above it, thus indicating an ascending tendency. In this case, the price is expected to test 5/8, break it, and then continue moving upwards to reach the resistance at 6/8. However, this scenario may no longer be valid if the price breaks the support at 4/8 to the downside. After that, the instrument may reverse and resume falling to return to 3/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.

EUR/USD, “Euro vs US Dollar”

After finishing the descending wave at 1.0122, EURUSD is correcting up to 1.0197. Later, the market may resume trading downwards with the target at 1.0078 and then form one more ascending structure towards 1.0190.

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

GBPUSD has completed the descending wave at 1.2100; right now, it is correcting up to 1.2188. After that, the instrument may start another decline to reach 1.2081, or even extend this structure down to 1.1990.

USD/JPY, “US Dollar vs Japanese Yen”

USDJPY continues the correction towards 134.46; right now, it is consolidating below this level. Possibly, the pair may start a new decline with the target at 132.26, or even extend this structure down to 129.50.

AUD/USD, “Australian Dollar vs US Dollar”

AUDUSD is still correcting up to 0.6972. After that, the instrument may resume falling with the target at 0.6824, or even extend this structure down to 0.6760.

Brent

After failing to fix above 104.90 and plunging towards the downside border of the range at 101.62, Brent has broken the latter level downwards. Possibly, the asset may continue falling to reach 98.31. Later, the market may form one more ascending wave with the target at 105.00, or even extend this structure up to 111.77.

S&P 500

The S&P index is trying to break 4141.0 upwards and fix above it. If the asset succeeds, it may continue growing towards 4111.0. After that, the instrument may start a new decline to break 4100.0 and then continue trading downwards with the target at 3922.0.