Technical Analysis & Forecast January 31, 2024
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_1-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p>The <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a> is currently in a declining phase. This overview also covers the dynamics of <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/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 the 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/2024/01/EURUSDH1-16.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-20050" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-16.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-16-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-16-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/EURUSDH1-16-1536×689.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 1.0855. Today, the market is shaping a decline wave structure towards 1.0806. After reaching this level, a correction to 1.0825 is expected (a test from below), followed by a decline to 1.0790—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/GBPUSDH1-16.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-20049" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-16.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-16-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-16-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/GBPUSDH1-16-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>GBP/USD (Great Britain Pound vs US Dollar)</em></figcaption></figure><p>The GBP/USD pair has completed a decline wave to 1.2643. A correction to 1.2709 is possible today. After the correction, a new decline wave to 1.2585 may commence, potentially extending the trend to 1.2525.</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/USDJPYH1-16.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-20048" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-16.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-16-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-16-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDJPYH1-16-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/JPY (US Dollar vs Japanese Yen)</em></figcaption></figure><p>USD/JPY is currently forming a consolidation range around 147.62. Another decline structure to 146.96 is plausible, followed by a rise to 148.82. This represents 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/USDCHFH4-13.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-20047" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-13.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-13-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-13-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/USDCHFH4-13-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>USD/CHF (US Dollar vs Swiss Franc)</em></figcaption></figure><p>USD/CHF is in a consolidation range above the 0.8605 level without a distinct trend. A potential upward movement to 0.8680 is possible today. If this level is breached, the potential for a wave to 0.8760 might emerge—a local 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/2024/01/AUDUSDH1-16.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-20046" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-16.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-16-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-16-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/AUDUSDH1-16-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>AUD/USD (Australian Dollar vs US Dollar)</em></figcaption></figure><p>The AUD/USD pair has concluded a decline wave to 1.6562. A consolidation range is currently forming above this level. An upward escape from the range could lead to a correction to 0.6595. Conversely, a downward escape might continue the decline wave to 0.6530—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/BRENTH1-8.png" alt="BRENT" class="wp-image-20045" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-8.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-8-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-8-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/BRENTH1-8-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>BRENT</em></figcaption></figure><p>Brent is developing a consolidation range around 82.65 without a pronounced trend. An upward escape from the range might lead to a growth link to 84.05, followed by a decline to 82.65 (a test from above). Next, a rise to 85.55 could occur, potentially extending the trend to 86.76. This is 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/XAUUSDH4-16.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-20044" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-16.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-16-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-16-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/XAUUSDH4-16-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>XAU/USD (Gold vs US Dollar)</em></figcaption></figure><p>Gold has completed a correction to 2048.40. Today, the market continues developing a new decline wave to 2021.00. If this level is breached, the potential for a decline wave to 2006.66 might open—a local target.</p>
<h2>S&P 500</h2>
<figure><img loading="lazy" decoding="async" width="1596" height="716" src="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-15.png" alt="S&P 500" class="wp-image-20043" srcset="https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-15.png 1596w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-15-360×162.png 360w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-15-768×345.png 768w, https://blog.roboforex.com/wp-content/uploads/2024/01/US500CashH1-15-1536×689.png 1536w" sizes="(max-width: 1596px) 100vw, 1596px" /><figcaption><em>S&P 500</em></figcaption></figure><p>The stock index has completed a growth wave to 4932.9 and a correction to 4909.2. Currently, a consolidation range is forming around this level. A potential upward movement to 4936.6 is not ruled out, followed by a decline to 4860.8. This is the first target.</p>
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