Forex Technical Analysis 2012/23/04 (EUR/USD, GBP/USD, USD/CHF, USD/CAD) Forecast FX


Forecast for April 23rd, 2012


The EUR/USD currency pair is moving according to our forecast. The price has already broken the neckline of “head & shoulders” reversal pattern, we should expect the pair to continue moving upwards. The target of the pattern is the area of 1.3387. One can consider buying Euro near the neckline. If the price falls down lower than 1.3055, this scenario will be cancelled.


The GBP/USD currency pair also continues moving according to the forecast, the price has almost reached the ascending channel’s upper border. We should expect the pair to be corrected from the current levels into the area of 1.5890, where one can consider buying Pound with the tight stop. The target of the growth is the area of 1.6155.  If the price breaks the border and leaves the ascending channel, this scenario will be cancelled.


The USD/CHF currency pair is moving according to our forecast, we should expect it to start falling down from the current levels. The broken trend’s line at the RSI is an additional signal to sell the pair, we should expect the test of the similar line at the price chart. If the price grows up higher than 0.9170, this scenario will be cancelled.


Canadian Dollar continues moving inside the descending pattern, the price rebounded from the sales area in a downward direction. At the moment we should expect the price to continue falling down and complete the descending pattern. The correction may start at the level of 0.9075, and after it one can consider selling the pair again. If the price breaks the upper border and leaves the descending channel, this scenario will be cancelled.


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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