Forex Technical Analysis 2012/17/02 (EUR/USD, GBP/USD, USD/CHF, NZD/USD, EUR/JPY) Forecast FX

16.02.2012

Forecast for February 17th, 2012

EUR/USD

The EUR/USD currency pair has reached all the targets of the descending pattern, ands at the moment we should expect the correction to start. The closest target of the growth is the area of 1.3090, the next one is at the level of 1.3195. The test of the trend’s rising line at the RSI is an additional signal to buy the pair. One can consider opening long positions with the tight stop.


GBP/USD

In case of Pound we should also expect the correction to take place. The target of the growth is the area of 1.5775. The RSI indicator was supported by the trend’s rising line, one can consider buying the GBP/USD currency pair with the tight stop. If the trend’s line at the RSI is broken, this case scenario will be cancelled.


USD/CHF

Franc faced the resistance from the trend’s descending line at the RSI, we should expect it to rebound from the line and start falling down to the level of 0.9100. One can try aggressive sales with the tight stop. We recommend you to increase the amount of short positions only after the price breaks the level of 0.9215.


NZD/USD

New Zealand Dollar continues falling down, and right now there is a possibility that the price may form “head & shoulders” reversal pattern. We should expect the pair to test the level of 0.8406, where one can consider selling the pair with the tight stop. We recommend you to increase the amount of short positions only after the price breaks the level of 0.8250. If the pair reaches a new local maximum, this case scenario will be cancelled.


EUR/JPY

The EUR/JPY currency pair is testing the support level in the area of 101.95, we should expect the price to be corrected to the level of 103.15. One can consider buying the pair with the tight stop. The test of the trend’s rising line at the RSI is an additional signal to buy the pair. If the price reaches a new local minimum, this case scenario will be cancelled.


Attention!

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.

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