Technical Analysis & Forecast February 01, 2024
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_2-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & 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> Extends Decline: Market Overview Covering <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&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/2024/02/EURUSDH1.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-20072" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/EURUSDH1.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/EURUSDH1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/EURUSDH1-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/EURUSDH1-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>EUR/USD (Euro vs US Dollar)</em></figcaption></figure><p>The EUR/USD pair has concluded a correction wave reaching 1.0886. The news triggered a decline to the 1.0816 level, followed by a correction to 1.0860. Today, the market has executed a decline wave structure to 1.0794. Subsequently, a correction to 1.0828 is anticipated. After the correction, the decline wave might extend to 1.0770—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/2024/02/GBPUSDH1.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-20073" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/GBPUSDH1.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/GBPUSDH1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/GBPUSDH1-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/GBPUSDH1-1536×689.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 completed a corrective wave to 1.2748. A decline wave to 1.2646 may take shape today, representing the first target. Once this level is reached, a correction to 1.2698 might follow, with an expected decline to 1.2592—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/2024/02/USDJPYH1.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-20074" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/USDJPYH1.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDJPYH1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDJPYH1-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDJPYH1-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/JPY (US Dollar vs Japanese Yen)</em></figcaption></figure><p>The USD/JPY pair continues to develop a consolidation range around 146.93, extending to 146.00. After reaching this level, a technical return to 147.00 occurred (a test from below). A new decline wave to 145.15 might develop today.</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/2024/02/USDCHFH1.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-20075" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/USDCHFH1.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDCHFH1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDCHFH1-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/USDCHFH1-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/CHF (US Dollar vs Swiss Franc)</em></figcaption></figure><p>The USD/CHF pair has corrected to 0.8555. Today, the market is forming a growth wave to 0.8634. Once this level is reached, a consolidation range could form around it. With an upward escape, a growth wave could develop towards 0.8686, from where the trend might extend to 0.8720—the first target.</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/2024/02/AUDUSDH1.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-20076" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/AUDUSDH1.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/AUDUSDH1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/AUDUSDH1-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/AUDUSDH1-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>AUD/USD (Australian Dollar vs US Dollar)</em></figcaption></figure><p>AUD/USD has completed a decline wave to 1.6562. A consolidation range is forming above this level. With a downward escape from this range, the decline wave could extend to 0.6504—a local target. Once this level is reached, a correction to 0.6560 is not excluded, followed by a decline to 0.6500.</p>
<h2>BRENT</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH1.png" alt="BRENT" class="wp-image-20077" style="width:843px;height:auto" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH1.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH1-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/BRENTH1-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>BRENT</em></figcaption></figure><p>Brent has executed a correction link to 80.70. Currently, the market is forming a consolidation range above this level. With an upward escape from the range, the potential for a growth wave to 83.26 could open. If this level is breached upwards, the potential for a growth wave to 86.03 might open—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/2024/02/XAUUSDH4.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-20078" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/XAUUSDH4.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/XAUUSDH4-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/XAUUSDH4-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/XAUUSDH4-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>XAU/USD (Gold vs US Dollar)</em></figcaption></figure><p>Gold has corrected to 2055.65. Today, the market has completed a decline wave to 2030.81, followed by a correction to 2049.39. A decline structure to 2014.77 is expected. Subsequently, a consolidation range might appear around this level. With a downward escape from the range, the trend could continue to 1976.50.</p>
<h2>S&P 500</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1.png" alt="S&P 500" class="wp-image-20079" srcset="https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/02/US500CashH1-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>S&P 500</em></figcaption></figure><p>The stock index has concluded a decline wave to 4843.0. Today, a correction to 4896.0 might form. After the correction, a decline wave to 4797.0 could follow—a local target. Next, a growth link to 4847.0 and a decline to 4760.0 are anticipated.</p>
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