Technical Analysis & Forecast for January 29, 2024

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_23-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis &amp; Forecast" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a> Expected to Decline; Overview of <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a>, <a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>, <a href="https://roboforex.com/beginners/info/charts/energies/brent/" data-internallinksmanager029f6b8e52c="312" title="Brent">Brent</a>, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and S&amp;P 500 Index</p>

<h2>EUR/USD (Euro vs US Dollar)</h2>

<figure><img decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-14.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-20009" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-14.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-14-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-14-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-14-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>EUR/USD (Euro vs US Dollar)</em></figcaption></figure><p>EUR/USD has completed a corrective wave at 1.0884. Today, the market is showing a potential decline wave to 1.0839. Once this level is reached, a narrow consolidation range is anticipated, with a possible upward breakout towards 1.0860 or a downward shift setting the stage for a decline wave to 1.0817, and further down to 1.0791 as a local target.</p>

<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>

<figure><img decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-14.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-20008" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-14.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-14-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-14-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-14-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>GBP/USD (Great Britain Pound vs US Dollar)</em></figcaption></figure><p>GBP/USD has concluded a corrective wave at 1.2757. Currently, a decline wave to 1.2690 has been observed, with a consolidation range forming above this level. A correction to 1.2707 is possible, followed by a decline wave to 1.2655. Breaking this level could open the potential for a move to 1.2590 as a local target.</p>

<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>

<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-14.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-20007" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-14.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-14-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-14-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-14-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/JPY (US Dollar vs Japanese Yen)</em></figcaption></figure><p>USD/JPY has broken upwards to 148.48, with a potential continuation to 149.16 as a local target.</p>

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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>

<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-11.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-20006" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-11.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-11-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-11-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-11-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/CHF (US Dollar vs Swiss Franc)</em></figcaption></figure><p>USD/CHF has completed a growth wave at 0.8684 and could see a corrective move to 0.8605 before resuming an upward wave to 0.8744, then to 0.8766.</p>

<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>

<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-14.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-20005" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-14.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-14-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-14-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-14-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>AUD/USD (Australian Dollar vs US Dollar)</em></figcaption></figure><p>AUD/USD is in a consolidation range around 0.6585 with a potential rise to 0.6598, followed by a decline wave to 0.6550 as a local target.</p>

<h2>BRENT</h2>

<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-5.png" alt="BRENT" class="wp-image-20004" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-5.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-5-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-5-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-5-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>BRENT</em></figcaption></figure><p>Brent has formed a consolidation range around 83.40 and could extend the growth wave to 84.22. Following this, a correction to 83.40 is possible, with a potential continuation to 85.55 as a local target.</p>

<h2>XAU/USD (Gold vs US Dollar)</h2>

<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-14.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-20003" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-14.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-14-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-14-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-14-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>XAU/USD (Gold vs US Dollar)</em></figcaption></figure><p>Gold is developing a consolidation range around 2023.23, with a growth to 2030.00 expected, followed by a decline to 2005.55. A further decline to 1991.10 is possible, with a potential continuation to 1976.50.</p>

<h2>S&amp;P 500</h2>

<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-13.png" alt="S&amp;P 500" class="wp-image-20002" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-13.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-13-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-13-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>S&amp;P 500</em></figcaption></figure><p>The stock index is in a consolidation range around 4880.0. A potential downward move to 4853.0 is expected, with a further decline to 4785.0 as the first target.</p>

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