Forex Technical Analysis 2011/02/07. EUR/USD,GBP/USD, USD/CHF, EUR/GBP Forecast FX.

04.02.2011

EUR USD Forecast Feb 07 2011

According to the eurusd analysis in case of the EUR/USD currency pair we have short term descending pattern forming with the target in the area of 1.3579. One can try the tight stop sales. If the price breaks the channel’s upper border, this case scenario will be cancelled and we should expect the pair to grow into the area of 1.3760 where there is a possibility for “head & shoulders” reversal pattern to be formed.

EUR USD Forecast Feb 07 2011

GBP USD Forecast Feb 07 2011

As we can see by the gbpusd analysis pound keeps moving inside the rising channel. The target of the growth is the area of 1.6361. One can try to buy the pair with the tight stop. The RSI was supported by the trend’s rising line. One more possible scenario is breaking of the channel’s lower border. In this case there is a possibility of the descending tendency.

GBP USD Forecast Feb 07 2011

USD CHF Forecast Feb 07 2011

According to the technical analysis usd chf franc has almost reached the targets of “head & shoulder” forex online reversal pattern. At the moment we should expect the price to continue moving downwards with the target in the area of 0.9360. Also, at the RSI indicator we can see “failure swing” reversal pattern forming. If the price breaks the support level at the RSI, one can also expect the level of 0.9433 to be broken.

USD CHF Forecast Feb 07 2011

EUR GBP Forecast Feb 07 2011

In case of the EUR/GBP currency pair we have the rising expansion pattern forming with the target in the area of 0.8711.  Judging by the eur gbp analysis one can consider buying the pair after the price breaks the descending channel. The stop must be below 0.8420. But if the price breaks the trend’s rising line and falls to the level of 0.8410, this case scenario will be cancelled.

EUR GBP Forecast Feb 07 2011
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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