Murray Math Lines 21.12.2012 (EUR/JPY, GBP/CHF, SILVER)
21.12.2012
Analysis for December 21st, 2012
EUR/JPY
It looks like the pair is completing a correction; the market is moving between the Super Trends’ lines. There is a possibility that the price may enter an “overbought zone” in the nearest future. After breaking the 8/8 level, the bulls will continue pushing the price towards their next target at the +2/8 one.
The pair reached the 6/8 level. If the price rebounds from it, the price may start a new ascending movement. If later the market breaks the +2/8 level, the lines at the chart will be redrawn.
GBP/CHF
The GBP/CHF currency pair is still being corrected; the bears are supported by the H4 Super Trend’s line. Most likely, the price will continue moving downwards in the future. The target for the bears is at the 0/8 level.
At the H1 chart the pair is moving below the 3/8 level. The price tested this level several times. If the market rebounds from it, the pair will continue falling down towards the 0/8 level.
SILVER
After making a rapid descending movement yesterday, Silver started a correction. If the market rebounds from the current levels, the pair will continue falling down towards the 0/8 one.
The lines at the H4 and the H1 charts are completely the same; the bears are supported by the Super Trends’ lines. Most likely, the instrument will reach the 0/8 level within the next couple of hours.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.