Technical Analysis & Forecast February 20, 2024 – R Blog


CHF shows signs of potential decline. The analysis also covers the movements of EUR, GBP, JPY, AUD, Brent, Gold, and the S&P 500 index.

Contents

EUR/USD (Euro vs US Dollar)

EUR/USD (Euro vs US Dollar)
EUR/USD (Euro vs US Dollar)

The EUR/USD pair is currently consolidating around 1.0760. A potential decline to 1.0755 is in consideration for today. There might be an upward breakout from the range, targeting 1.0823. Once this level is attained, a new decline wave to 1.0717 could be anticipated. This marks the initial target for the upcoming decline.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD (Great Britain Pound vs US Dollar)

The GBP/USD pair is in the process of forming a consolidation range near 1.2600. A potential decline to 1.2575 might unfold today. Following this, a rebound to 1.2639 could take place, succeeded by a potential decline to 1.2570. If this level is breached, the path for a decline wave to 1.2500 might open up.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY (US Dollar vs Japanese Yen)
USD/JPY (US Dollar vs Japanese Yen)

The USD/JPY pair recently completed a growth wave to 150.35. A consolidation range is currently taking shape around this level. A potential decline to 149.37 might occur with a downward breakout from the range, while an upward breakout could extend the growth wave to 150.80.

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USD/CHF (US Dollar vs Swiss Franc)

USD/CHF (US Dollar vs Swiss Franc)
USD/CHF (US Dollar vs Swiss Franc)

The USD/CHF pair experienced an upward breakout from the consolidation range and might initiate a correction to 0.8841. After reaching this level, a potential decline to 0.8787 is plausible. Further, a breakout from this level could lead to a decline to 0.8740.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD (Australian Dollar vs US Dollar)
AUD/USD (Australian Dollar vs US Dollar)

The AUD/USD pair is in the process of forming a consolidation range around 0.6537. A potential upward movement to 0.6565 may follow. Subsequently, a new decline wave to 0.6500 is anticipated. If this level is breached, a decline to 0.6535 could ensue.

BRENT

BRENT
BRENT

Brent continues its growth wave, aiming for 84.50. Following the attainment of this level, a potential correction to 82.35 might unfold. Once this correction concludes, a new growth wave to 86.55 could commence. This serves as the initial target for the upcoming growth phase.

XAU/USD (Gold vs US Dollar)

XAU/USD (Gold vs US Dollar)
XAU/USD (Gold vs US Dollar)

Gold recently completed a growth wave to 2022.85. Today, there might be a correction to 2013.13 (a test from above). Subsequently, another growth structure to 2033.00 could follow. After reaching this level, the quotes might initiate a decline to 2009.25.

S&P 500

S&P 500
S&P 500

The stock index is currently forming a consolidation range around 4997.3. A potential decline to 4979.0 is anticipated, followed by a rise to 4997.0 (a test from below), and a potential decline to 4952.0. This marks the local target for the index.

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