Forex Technical Analysis 2011/08/08 (EUR/USD, DOLLAR INDEX, EURO INDEX, GBP/USD, USD/CHF, USD/JPY, SILVER) Forecast FX

06.08.2011

Forecast for August 8th, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast. After reaching the target level in the area of 1.4068, the price started growing, but hasn’t broken the descending channel yet. Right now we should expect the price to fall to the level of 1.4180, which may be a starting point of the growth into the area of 1.4447. One can consider buying the pair after the breaks the descending channel’s upper border. But if the price reaches a new minimum below the level of 1.4055, this case scenario will be cancelled.


Dollar Index

We may assume that Dollar Index is going to fall into the area of 71.67. This scenario may come true if Index leaves the rising channel. But if it grows higher than 75.50, this case scenario will be cancelled.


Euro Index

At the weekly chart of Euro Index we can see the formation of the rising symmetrical pattern with the target of the growth in the area of 115.82. If Index falls lower than 106, this case scenario will be cancelled. After the price breaks the descending channel’s upper border and leaves it, Index and Euro may grow significantly.


GBP/USD

Pound keeps moving inside the descending channel, however, right now we can see the formation of the rising symmetrical structure with the target in the area of 1.6815. One can consider buying the pair after the price breaks the descending channel’s upper border. The approximate area to buy the pair is at the level of 1.6345. The stop must be below 1.6280.


USD/CHF

Franc is also moving according to the forecast. We should wait for the price to test the resistance level in the area of 0.7809, where one can try to the tight stop sales. The target of the fall is the area of 0.7373. If the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.


USD/JPY

The daily chart of the USD/JPY currency pair indicates that the price continues moving downwards with the target in the area of 75.50. The pair is moving inside the descending channel and forming the descending pattern. The price is testing the channel’s upper border, one can try the tight stop sales. The test of the trend’s descending line at the RSI is an additional signal to sell the pair.


Silver

The price is moving inside the rising pattern with the target in the area of 43.39. Currently we should expect the price to test the level of 36.85, where one can consider buying the instrument with the tight stop. We recommend you to open long position only when the price is near the rising channel’s lower border. But if the price breaks the level of 35.80, 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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