Analysis for September 10th, 2012
At the end of the last week Franc managed to leave the trading range, in which it had been moving for several weeks. Taking into consideration the fact that the bears could keep the price below the 6/8
level, we can expect the pair to continue falling down towards the 4/8
one. During the local correction I’ve opened one more sell order.
At the H1 chart the price is moving below the 3/8
level, thus indicating that it may continue falling down towards the 0/8
one. If the latter level is broken, the pair will move lower. Later, the lines at the chart may be redrawn.
Last Friday the Super Trends’ lines formed “bullish cross”. At the moment the bulls are trying break the 5/8
level and keep the price above it. If they succeed, the pair will continue growing up towards the 8/8
At the H1 chart the local correction is taking place. There is a possibility that the price may reach the 8/8
level during Monday. If the pair breaks this level, the price will most probably continue moving inside the current up-trend.
Not long time ago the pair started moving upwards, but then the price started the local correction. Currently it is moving above the 5/8
level and may continue growing up towards the 8/8
one. Later, we can expect this level to be a starting point of a new correction.
At the H1 chart the bulls are trying to enter an “overbought zone”, the ascending movement is supported by the Super Trend’s line. Most likely, in the nearest future the price will break the +2/8
level and the price at the chart will be redrawn.