Technical Analysis & Prediction January 17, 2024

By Bill Jackson January 17, 2024 2 mins read 112 Views

CHF Poised for Extended Growth. This technical analysis encompasses the evolving dynamics of EUR, GBP, JPY, AUD, Brent, Gold, and the S&P 500 index.

EUR/USD (Euro vs US Dollar)

EUR/USD has concluded a decline wave to 1.0882. Presently, the market has established a consolidation range around this level. Breaking the range downward, the development of the wave to 1.0765 is underway, constituting a local target. Upon reaching this level, the possibility of a correction link to 1.0882 is not excluded, followed by a decline to 1.0630.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD has completed a decline wave to 1.2608. Anticipating the formation of a consolidation range around this level, a downward breakout could signal a trend continuation to 1.2433, constituting a local target.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY has concluded a growth wave to 146.88. A consolidation range has materialized around this level. An upward breakout has opened the potential for a growth wave to 149.07, marking a local target.

USD/CHF (US Dollar vs Swiss Franc)

USD/CHF has completed a growth wave to 0.8585. Currently, a consolidation range is evident around this level. An upward breakout suggests a continuation of the trend to 0.8684, constituting a local target.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD has concluded a decline wave to 0.6612. Presently, the market has formed a consolidation range around this level. Breaking the range downward, it continues developing the wave to 0.6523. Upon reaching this level, a potential correction link to 0.6612 might form, followed by a decline to 0.6500.

BRENT

Brent is in the process of forming a consolidation range around 78.60. An upward breakout from the range might extend the growth wave to 82.82, constituting a local target.

XAU/USD (Gold vs US Dollar)

Gold is continuing to form a decline wave to 2014.20. Upon reaching this level, a narrow consolidation range might develop around it. A downward breakout from the range could lead to a decline wave to 1967.00, from where the trend might extend to 1940.00.

S&P 500

The stock index is continuing to develop a wave to 4737.0. Once this level is reached, a narrow consolidation range could form. With a downward breakout from the range, the wave might continue to 4705.0, constituting a local target.

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By: Igor Sayadov
Title: Technical Analysis & Forecast January 17, 2024
Sourced From: blog.roboforex.com/blog/2024/01/17/technical-analysis-forecast-january-17-2024/
Published Date: Wed, 17 Jan 2024 09:06:54 +0000