Forex Technical Analysis 2012/12/07 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, USD/CAD) Forecast FX

11.07.2012

Forecast for July 12th, 2012

EUR/USD

The EUR/USD currency pair is still under pressure; it hasn’t fallen down much, but reached a new local minimum. At the moment the price is moving inside the descending channel, one can consider selling Euro from the current levels. At the H1 chart the pair is forming the descending pattern, the closest target of the fall is the level of 1.21. If the price breaks this level, the pair is expected to fall down towards the area of 1.1990. If Euro grows up higher than 1.2320, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 1.2230.



GBP/USD

The GBP/USD currency pair is moving according to the forecast, it has almost reached the target in the area of 1.56. At the moment there is a possibility that the pair may fall down. The test of the trend’s descending line at the RSI at the H1 chart is a signal to sell the pair. One can consider selling Pound aggressively with the tight stop above 1.5590 and increase the amount of short positions only after the price breaks the level of 1.5535.



USD/CHF

The USD/CHF currency pair hasn’t been able to reach the target in the area of 0.9845. At the moment the price is testing the ascending channel’s lower border, one can consider buying the pair with the tight stop below 0.9740 and increase the amount of purchases only after the price breaks the level of 0.9830. The final target of the growth is the area of 0.9860. If Franc falls down lower than 0.9715, this scenario will be cancelled.



AUD/USD

Australian Dollar has fallen down, although the price hasn’t reached the area of 1.0160. The pair has tested the area of 1.0280, one can consider selling the it from the current levels with the tight stop. The closes target of the fall is the area of 1.0145. If the price grows up higher than 1.0320, this scenario will be cancelled.



USD/CAD

Despite our expectations, Canadian Dollar has grown up and already tested the area of 1.0170. Right now we should expect the price to test the level of 1.0215, where one can consider selling the pair with the tight stop above 1.0230. The target of the fall is the area of 1.0110. We recommend to increase the amount of short positions only after the price breaks the level of 1.0165. At the moment one is advised to stay out of the market and wait until the price tests the level of 1.0215.

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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