Forex Technical Analysis 2012/11/07 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, USD/CAD) Forecast FX

10.07.2012

Forecast for July 11th, 2012

EUR/USD

The EUR/USD is moving inside the descending channel and there is still a possibility that it may continue falling down. The final target of the pattern is the area of 1.20. One can consider selling the pair from the current levels with the tight stop above 1.2365 and increase the amount of short positions only after the price breaks the level of 1.2250. If Euro grows up higher than 1.2370, we should expect it to continue moving upwards.



GBP/USD

The GBP/USD currency pair has been corrected a little bit. Currently the closest target of the growth is the area of 1.56. One can consider buying Pound with the tight stop above 1.5485 and increase the amount of long positions only after the price breaks the level of 1.5550. The next target of the growth will be the area of 1.5645. If the price falls down lower than 1.5455, this scenario will be cancelled.



USD/CHF

The USD/CHF currency pair continues moving according to the forecast, at the moment the price is testing the ascending channel’s lower border. One can consider buying the pair from the current levels with the tight stop below 0.9720. The target of the pattern is the area of 0.9845. We recommend to increase the amount of purchases only after the price breaks the level of 0.9780.



AUD/USD

Australian Dollar has grown up and left the area for purchases. Currently there is a possibility that the pair may fall down. The test of the trend’s descending line at the RSI is a signal to sell the pair. One can consider selling Australian Dollar from the current levels with the tight stop above 1.0265. The target of the fall is the area of 1.0160. If the price grows up higher than 1.0280, this scenario will be cancelled.



USD/CAD

The price has formed “head & shoulders” reversal pattern at the H1 chart of the USD/CAD currency pair, the target of the fall is the area of 1.0145. Currently we should expect the price to test the level of 1.0190, where one can consider selling the pair with the tight stop above 1.0210. We recommend to increase the amount of sales only after the price breaks the level of 1.0165.

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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