Forex Technical Analysis 2011/02/08. EUR/USD,USD/CHF, AUD/USD, EUR/JPY Forecast FX.

07.02.2011

EUR USD Forecast Feb 08 2011

As it is seen from the eur usd analysis the EUR/USD currency pair has reached all the targets of the descending pattern and currently is testing the rising channel’s lower border. We should expect the price to hit it, go back and start moving upwards. One can try to buy the pair with the tight stop. The target of the growth is the area of 1.4135. But if the price is fixed outside the channel, this case scenario will be cancelled.

EUR USD Forecast Feb 08 2011

USD CHF Forecast Feb 08 2011

Although Franc is still moving upwards, at the daily forex online chart the possibility of the upward movement is limited by the trend’s descending line at the price and a similar resistance line at the RSI.  According to the technical analysis usd chf we should expect Franc to fall from the current prices to, at least, the bottom of the “triangle” pattern which is being formed at the moment. Then we should wait for the price to break the pattern, and only after that make any decisions on the pair.

USD CHF Forecast Feb 08 2011

AUD USD Forecast Feb 08 2011

According to the aud usd analysis  Australian Dollar keeps moving inside the rising pattern with the target in the area of 1.0225. Currently we have “head & shoulders” reversal pattern forming with the target in the area of 0.9982. The level of 1.0037 is a spot for the 5th point of reference, we should consider buying Australian Dollar with the tight stop from here. If the price breaks the rising channel, this case scenario will be cancelled.

AUD USD Forecast Feb 08 2011

EUR JPY Forecast Feb 08 2011

In case of the EUR/JPY currency pair we have the descending pattern forming with the target in the area of 110.00.  Judging by the eur jpy analysis you can try to sell the pair with the stop above 112.25. The test of the trend’s descending line (which is resistance line here) at the RSI is one more signal to sell the pair. But if the price breaks the line, one is recommended to close short positions.

EUR JPY Forecast Feb 08 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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