Forex Technical Analysis 2011/29/11 (EUR/USD, GBP/USD, USD/CHF, USD/CAD) Forecast FX

28.11.2011

Forecast for November 29th, 2011

EUR/USD

The EUR/USD currency pair is moving inside the descending channel. At the moment we should expect the price to test the level of 1.3470, where one can consider selling the pair with the tight stop. The final target is the area of 1.2840. If the price breaks the upper border and leaves the channel, this case scenario will be cancelled.


GBP/USD

Pound also continues moving downwards, the target of the fall is the area of 1.5220. Currently the price is testing the descending channel’s upper border, one can consider selling the pair with the tight stop. At the RSI the price is testing the trend’s descending line, which is an additional signal to sell the pair. If the price grows higher than 1.5655, this case scenario will be cancelled.


USD/CHF

Franc has been corrected a lot, however, this movement can easily be regarded as a rising pattern. One can consider buying the pair near the level of 0.9170. The closest target of the growth is the area of 0.9410. If the price falls lower 0.9110, this case scenario will be cancelled.


USD/CAD

Canadian Dollar is moving inside the rising pattern. Currently the price is testing the area for purchases. The final target of the growth is the level of 1.0715, one can consider buying the USD/CAD currency pair with the tight stop. If the price breaks the channel’s lower border, 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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