Forex Technical Analysis 2012/20/02 (EUR/USD, GBP/USD, USD/CHF, NZD/USD) Forecast FX

17.02.2012

Forecast for February 20th, 2012

EUR/USD

The EUR/USD currency pair is moving according to the forecast, and at the moment we can consider selling it with the tight stop. The target of the fall is the area of 1.2937. If the price breaks the trend’s descending line, this case scenario will be cancelled. The stop must be placed above 1.3170. We recommend you to increase the amount of short positions only after the price breaks the level of 1.3090.


GBP/USD

Pound has also reached its targets. The RSI indicator faced the resistance from the trend’s descending line, we should expect it to rebound from the line and start falling down. The target of the fall is the area of 1.5650, one can consider selling the pair with the tight stop. If the price breaks the level of1.5825, this case scenario will be cancelled.


USD/CHF

Franc was supported by the trend’s rising line at the RSI, we should expect the pair to start moving upwards. The target of the rising movement is the area of 0.9313, one can consider buying the pair with the tight stop. If the price falls lower than 0.9150, this case scenario will be cancelled.


NZD/USD

New Zealand Dollar has almost reached its targets, and we should expect the price to start falling down from the current levels. The pair is forming “head & shoulders” reversal pattern with the target in the area of 0.8073. One can consider selling the pair with the tight stop at current prices and increase the amount of short positions only after the price breaks the level of 0.8250.


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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