Forex Technical Analysis 2011/12/04 (Euro Index, EUR/USD, GBP/USD, USD/CHF, NZD/USD) Forecast FX

11.04.2011
Forecast for April 12th, 2011

Euro Index

At the weekly chart of Euro Index we can see the formation of the descending pattern with the target in the area of 100. As a result we can assume that in the near future Dollar may become stronger against other currency pairs. However, at the moment we should expect Index to grow to the channel’s upper border in the area of 119, which may be a starting point of final falling wave.


EUR/USD


The way the EUR/USD currency pair is moving is quite similar to the Euro Index. We should expect the price to grow into the area of 1.4576, where the 4th point of reference is formed. This area may be a starting point of the correction to the channel’s lower border in the area of 1.4149. We can consider buying Euro from the channel’s lower border with the final target in the area of 1.5135. If the price breaks the rising channel, this case scenario will be cancelled.


GBP/USD

Pound is moving inside the rising channel. At the moment we should expect the price to fall into the area of 1.6255 where one can try to buy the GBP/USD currency pair. The target of the growth is the level of 1.6468. If the price breaks the channel’s lower border, this case scenario will be cancelled.

USD/CHF

Franc keeps moving inside “head & shoulders” reversal pattern with the target in the area of 0.8913. We should expect the price to grow to the neckline where one can try the tight stop sales. If the price grows higher than the level of 0.9195, this case scenario will be cancelled.


NZD/USD


In case of New Zealand Dollar the target of the growth is the area of 0.8365. One can consider buying the NZD/USD currency pair near the level of 0.7640 where the price broke the descending channel. If the price leaves the rising channel, this case scenario will be cancelled and we will recommend you to close long positions.


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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