Forex Analysis And Forcast For 8th July 2020

Euro vs US Dollar (EUR/USD)

EUR/USD has reached a short-term correctional target at 1.1260 and returned to test 1.1300 from below after breaking 1.1300 to the downside and starting a new correction toward 1.1250. EUR/USD pair may form a new descending structure to reach 1.1250 and finish the correction.

Great Britain Pound vs US Dollar (GBP/USD)

The pair has finished the ascending wave at 1.2580. It’s falling to reach 1.2515 right now and may later grow towards 1.2555. If the price breaks to the downside, the market may trade downwards with the target at 1.2460.

US Dollar vs Russian Ruble (USD/RUB)

As the ascending wave for the USD/RUB reached at 72.20, the pair is about to finish the first descending toward 71.20 and may reach toward 71.70 forming a new consolidation range between the levels. If the price breaks to the downside, the market may descend with the short-term target at 70.60.

Australian Dollar vs US Dollar (AUD/USD)

The pair is forming another descending wave to reach 0.6905. The market can seem to start another growth towards 0.6940 and then resume falling with the short-term target at 0.6860.

US Dollar vs Japanese Yen (USD/JPY)

USD/JPY is still consolidating around 107.50. The pair may fall towards 107.40 soon and then start another growth to reach 107.80. The short-term target would be at 106.90 once the market forms a new descending structure.

US Dollar vs Swiss Franc (USD/CHF)

The ascending for the pair finished at 0.95450 along with the correction towards 0.9415, USD/CHF is expected to form another ascending structure to break 0.9460 and then trade upwards with the short-term target at 0.9510 as predicted. An alternate scenario would be that the price may break 0.9410 to the downside and keep continuing to trade to reach 0.9380.

Gold vs US Dollar (XAU/USD)

After breaking 1786.00 tp the upside, Gold is expected to test it from above and continue growing with the short-term target at 1799.17. The market may start a new correction to reach the height of 1777.77 and then resume trading with the target at 1800.00.

Bitcoin vs US Dollar (BTC/USD)

BTC/USD pair is falling toward 9126.00 and may correct to reach 9250.00. This will lead to form a new consolidation range between these two levels. If the price breaks happen to the upside later, the market will probably form one more ascending structure with a targeted plan of 9550.00. If it reached to the downside, the trading might reach to 8700.00 in the downtrend.