Forex Technical Analysis 31.01.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

January 31, 2014

EUR/USD

Euro is still moving inside descending correction. We think, today price may form reversal structure to break this correctional channel and then continue moving upwards to reach level of 1.3800.

GBP/USD

Pound formed another descending structure. We think, today price may reach level of 1.6431 and then return to level of 1.6575. Later, in our opinion, market may continue moving upwards to reach level of 1.6680.

USD/CHF

Franc formed another ascending structure, the same at the previous one; as a result, we have three-wave correction. We think, today price may fall down towards level of 0.8963 and try to form the fifth wave with target at 0.9070. Later, in our opinion, market may continue moving inside descending trend to reach main target at 0.8300.

USD/JPY

Yen is still consolidating. We think, today price may expand this consolidation channel, first – downwards, to reach target level of 101.70, and then upwards, towards level of 103.80. Later, in our opinion, market may continue growing up towards level of 104.00 and then start new descending movement to reach level of 100.00.

AUD/USD

Australian Dollar tried to start new ascending movement, but faced resistance from level of 0.8820. We think, today price may continue moving inside descending trend. Main target at level of 0.8400.

GOLD

Gold completed the third descending structure of its correction. We think, today price may return to level of 1254 (at least) and then complete this correction by forming the fifth structure towards level of 1230. Later, in our opinion, market may start new ascending movement to reach level of at 1360.

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