Murray Math Lines 10.07.2012 (GBP /CHF, EUR/JPY, SILVER)

Analysis for July 10^th, 2012

GBP/CHF

The GBP/CHF currency pair is consolidating near the upper border of an “overbought zone”, the correction is supported by the H4 Super Trend. We can’t exclude a possibility that the market may reach the +2/8 level in the nearest future. If the price breaks this level, the lines at the chart will be redrawn.



At the H1 chart the market has already entered an “overbought zone”. If the market rebounds from the current levels, the price will continue growing up. Most likely, the +2/8 level won’t be able to stop the bulls and they will break it.

EUR/JPY

After rebounding from the 6/8 level, the bears have been able to break the 2/8 one and keep the price below it. Yesterday the Super Trends’ lines formed “bearish cross” Most likely, the price will continue falling down during the next several days. In the near term, we can expect the market to break the -2/8 level and the lines at the chart will be redrawn.



At the H1 chart the price is moving a bit above the 5/8 level, the correction is supported by the Super Trends’ lines. There is a possibility that the price may rebound from the current levels on Tuesday. The final target is the 0/8 level, but in order to reach it the bears have to break the 3/8 one and try to keep the price below it.

SILVER

The market hasn’t been able to stay above the daily Super Trend for a long time. Yesterday the Super Trends’ lines formed “bearish cross”. At the moment the bears are trying the keep the price below 3/8 level. If they succeed, Silver will continue falling down towards the 0/8 level.



The instrument is moving in the upper part of the H1 chart. Most likely, the local correction will be finished on Tuesday. In the future, we can expect the price to continue falling down towards the 4/8 level. If the price breaks this level, the market will move much lower.