Analysis for February 1st, 2013
The EUR/USD currency pair continues moving upwards. In my opinion today the price may grow up a little bit and reach the target at 1.3640. I should note that the third wave is weak and will not probably be able to grow up any higher. However, I think that the fifth wave may be started only after a serious correction towards the level of 1.3080.
The GBP/USD currency pair is forming the first ascending wave with the target at the level of 1.5890. Later the price may start a correction towards 1.5780. The structure of the correction will help us to define if the price is going to continue growing up or start another descending movement and reach a new local minimum.
The USD/CHF currency pair is still moving near its minimums and forming a wave with the target at 0.9070. Later, in my opinion, the price may start forming a new ascending structure and return to the level of 0.9300, at least.
The USD/JPY currency pair continues moving upwards. In my opinion today the price may reach the target at 92.30, consolidate for a while, and then continue growing up towards the level of 93.60. The target levels are near the channel’s upper border, that why I think the pair may start a correction to test the channel’s lower border.
Australian Dollar couldn’t form a significant descending structure, just a small one towards the level of 1.0360. I think today the pair may return to the level of 1.0400 and then form another descending structure to reach the target at 1.0340. Later, in my opinion, the price may return to the level of 1.0420.
Gold is still consolidating near the level of 1660. I think today the instrument may form another descending structure to reach the level of 1650 and then start growing up towards the target at 1707.
RoboForex Analytical Department