Forex Technical Analysis 2012/02/01 (EUR/USD, GBP/USD, USD/CHF, EUR/GBP) Forecast FX

30.12.2011

Forecast for January 2nd, 2012

EUR/USD

The EUR/USD currency pair was supported by the trend’s rising line at the RSI, we should expect it to rebound, start moving upwards, and test the neckline. One can consider selling the pair with the tight stop. If the price reaches new local minimums, this case scenario will be cancelled.


GBP/USD

In case of Pound we should also expect the price to start growing up with the target in the area of 1.5763, one can consider buying the pair with the tight stop. The test of the trend’s rising line at the RSI is an additional signal to buy the pair. If the pair continues falling down, this case scenario will be cancelled.


USD/CHF

At the H1 chart of the USD/CHF currency pair we have “flag” pattern forming with the target in the area of 0.9349. One can consider selling the pair with the stop above 0.9435 and increase the amount of sales only after the price breaks the level of 0.9395. The test of the trend’s descending line at the RSI is an additional signal to sell the pair.


EUR/GBP

At the H4 chart of the EUR/GBP currency pair we can see the formation of the descending symmetrical pattern, the target of the fall is the area of 0.8250. One can consider selling the pair with the tight stop above 0.8420 and increase the amount of short positions only after the price breaks the rising channel’s lower border.


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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