Technical Analysis & Forecast for July 21, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_20-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a> Continues to Surge – 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/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</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/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>, Brent, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and S&P 500 Index</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-4.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17083" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has completed its correction at 1.1228 and experienced another wave of decline to 1.1118, reaching a local target. A corrective phase to 1.1170 is likely to develop today. After the correction is over, a new wave of decline to 1.1077 might begin.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-4.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17084" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has undergone a corrective structure to 1.2962 and then continued its decline to 1.2840. A correction to 1.2915 is possible today. After the correction, the wave might continue to 1.2770, which is a local target.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-4.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17085" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is still forming a growth structure aiming for 140.55. After reaching this level, a correction to 139.11 is expected. Next, the wave of growth might continue to 140.95, followed by a decline to 139.00.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-4.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17086" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has broken the 0.8622 level upwards and continues its wave of growth to 0.8697. After reaching this level, a correction to 0.8620 is expected, followed by a rise to 0.8799.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-4.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17087" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has reached its correction target at 0.6846 and experienced a declining impulse to 0.6777. Currently, a consolidation range is forming around this level. The price is expected to break the range downwards and extend the wave to 0.6700, which is a local target.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-4.png" alt="BRENT" class="wp-image-17088" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent continues to form a consolidation range around 79.71 with no expressed <a title="<div class="wpg-tooltip-content"><p>A trend is a direction in which the market or the price of an instrument is moving. Trends can be upward, downward or sideways and are common to all types of markets.</p></div>" href="https://blog.roboforex.com/glossary-terms/trend/">trend</a>. Today, a breakout of 80.00 is expected, after which the wave might extend to 82.42, and the trend might continue to 84.00, which is a local target. After reaching this level, a correction to 78.00 could start.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-4.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17089" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed its decline to 1965.25. A correction to 1976.40 is possible today. Next, a decline to 1960.85 is likely to follow, which is the first target. After the price reaches this level, a correction to 1974.44 could start, followed by a decline to 1948.00.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-4.png" alt="S&P 500" class="wp-image-17090" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is forming a structure of a declining wave to 4503.0 today. After reaching this level, a correction to 4534.4 is not excluded, followed by a decline to 4486.6, which is the first target.</p>
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