Forex Technical Analysis 2011/30/09 (EUR/USD, GBP/JPY, EUR/JPY, SILVER) Forecast FX

29.09.2011

Forecast for September 30th, 2011

EUR/USD

The EUR/USD currency pair keeps moving inside the range, without any particular direction. Judging by the structure of the H4 chart, we should expect Euro to fall down. The closest target of the fall is the area of 1.3035. One can try to sell the pair with the tight stop. But if the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.


GBP/JPY

In case of the GBP/JPY currency pair we can see the formation of the descending pattern with the target in the area of 113.44. The price is testing the area for sales. One can consider opening short positions with the tight stop. But if the price leaves the descending channel, this case scenario will be cancelled.


EUR/JPY

In case of EUR/JPY currency pair we can also see the formation of the descending symmetrical pattern with the target in the area of 100.58. Currently the price is testing the descending channel’s upper border, one can try to sell the pair with the tight stop. But if the price leaves the channel, we will recommend you to close short positions.


SILVER

Judging by the weekly chart of Silver, we should expect the instrument to fall into the area of 23-24. The price has broken the trend’s rising line at the RSI, we should expect the test of the similar line at the price chart.



At the H4 chart we should also expect the price to fall into the area of 24. The price testing the trend’s descending line will be a signal to sell the instrument, one can try to sell it with the tight stop above 31.70.


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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