Forex Technical Analysis 2011/08/11 (EUR/USD, GBP/USD, USD/CHF, NZD/USD, CAD/JPY) Forecast FX

07.11.2011

Forecast for November 8th, 2011

EUR/USD

The EUR/USD currency pair keeps moving inside the descending pattern with the target in the area of 1.2760. Currently we have “head & shoulders” reversal pattern forming with the final target at the level of 1.2999. One can consider selling the pair with the stop above 1.3800 and increase the amount of sales only after the price breaks the level of 1.3580. If the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.


GBP/USD

Pound also keeps moving inside the descending channel. The RSI has broken the trend’s rising line, we should expect it to fall and test the level of 1.5710. Also, at the RSI we have “head & shoulders” reversal pattern, which is an additional signal to sell the pair. If the price grows higher than 1.6150, this case scenario will be cancelled.


USD/CHF

Franc started growing, the closest target of the growth is the area 0.9109. The area of 0.9198 is the area of the 4th pivot point, we can expect the correction to start from here and move to the rising channel’s lower border. If the price leaves the channel, this case scenario will be cancelled.


NZD/USD

The NZD/USD currency pair moves inside the descending pattern, the target of the fall is the area of 0.7195. Currently the price is testing the descending channel’s upper border. One can consider selling the pair with the tight stop. If the price grows higher than 0.8020, this case scenario will be cancelled.



At the H4 chart of the pair we can see the formation of the descending pattern. The closest target of the fall is the area of 0.7537, which is expected to be a starting point of the correction to the level of 0.7710. If the price breaks the level of 0.7965, this case scenario will be cancelled.


CAD/JPY

At the daily chart of the CAD/JPY currency pair the price is moving inside the descending pattern, the target of the fall is the area of 67.77. One can consider selling the pair only after the price breaks the channel’s lower border and leaves it. The stop must be placed above 79.00.


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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