Forecast for January 17th, 2012
The EUR/USD currency pair keeps moving inside the descending pattern. At the moment we should expect the price to test the rising channel’s lower border in the area of 1.2755, where one can consider selling the pair with the tight stop. The target of the fall is the area of 1.2543. If the price leaves the descending channel, this case scenario will be cancelled.
At the H1 chart of the GBP/USD currency pair the price broke the trend’s descending line at the RSI, we should expect the price to break the similar line at the price chart and test the area of 1.5500. One can consider buying Pound at current prices and increase the amount of long positions only after the price breaks the descending channel’s upper border.
Franc is moving according to the forecast. At the moment at the H4 chart of the pair we have “head & shoulders” reversal pattern with the target of the growth in the area of 0.9743. We should expect the price to fall down to the level of 0.9475, where one can consider buying the pair with the tight stop. The target of the rising pattern is the area of 0.9648.
At the H1 chart of the USD/CAD currency pair we can see the formation of the rising pattern with the target in the area of 1.0304. At the moment the price is testing the trend’s rising line, one can consider buying the pair with the tight stop. If the pair continues falling down, this case scenario will be cancelled.
New Zealand Dollar is moving inside the rising pattern with the target in the area of 0.8135, one can consider buying the pair near the level of 0.7739. At the moment we should expect the price to start falling down. One can consider tight stop sales, however, we shouldn’t exclude the possibility that the price may test the level of 0.8084.