Technical analysis 2010/10/21 (EUR/USD, USD/CHF, NZD/USD)

21.10.2010

EUR USD Forecast, Oct 22 2010

Yesterday’s movement of the EUR/USD currency pair indicates that the pair is not ready for correction. According to  eur usd technical analysis the descending channel has been broken and there is an area to buy the pair. Also we can see “head & shoulders” reversal pattern forming, which serves as a pattern of a continue trend. One can try to buy the pair with the stop below 1.3870.

USD CHF Forecast, Oct 22 2010

In case of Franc we can see the reversal pattern forming at the place where the 5th point of reference is formed, which is a strong signal to sell the pair. The target of the descending pattern is 0.9364. Judging by  forex technical analysis usd chf you can try to sell the pair with the stop above 0.9690. After the neckline is broken, one an increase the amount of short positions.

NZD USD Forecast, Oct 22 2010

As we can see by nzdusd forecast,  New Zealand is preparing to reach new local maximum. The target of the rising pattern is the area of 0.7695. As can be seen, the descending channel has been broken, and we have the area to buy the pair. After the level of 0.7565 is broken, we will see the formation of “head & shoulders” reversal pattern. The formation of the pattern will result in the rising movement. The stop must be below 0.7475.

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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