Forex Technical Analysis 2011/24/06 (EUR/USD, EUR/GBP, USD/CHF, AUD/USD, NZD/USD, SILVER) Forecast FX

24.06.2011

Forecast for June 24th, 2011

EUR/USD

The EUR/USD currency pair is moving inside the descending channel at the daily chart. We may suppose that “head & shoulders” reversal pattern is being formed. This pattern here is the pattern of continued trend. One can consider selling the pair with the stop above 1.4450 during a long term period. The target of the fall is the area of 1.3365. One is recommended to increase the amount of short positions only after the price breaks the neckline.


EUR/GBP

The EUR/GBP currency pair is moving according to the forecast, at the moment we can see the formation of the symmetrical rising structure with the target in the area of 0.8990. The price is testing the channel’s lower border, one can try to buy the pair with the tight stop below 0.8875. If the price breaks the channel and leaves it, this case scenario will be cancelled. The price testing the trend’s rising line at the RSI is an additional signal to buy the pair.


USD/CHF

Franc has left the descending channel. At the moment there is some potential for “head & shoulders” reversal pattern to be formed with the target in the area of 0.8520. The stop must be below 0.8385. After the price breaks the neckline one can consider increasing the amount of long positions.


AUD/USD

Australian Dollar keeps moving inside the descending channel, the closest target of the fall is the area of 1.0417. One can consider selling the pair with the tight stop. But if the price breaks the descending channel’s upper border, this case scenario will be cancelled.


NZD/USD

New Zealand Dollar is testing the trend’s broken rising line. The descending channel’s upper border is the resistance level here. We should expect the pair to fall down with the target in the area of 0.7825. One can consider selling the pair with the tight stop above 0.8180.


SILVER

Silver keeps moving inside the descending channel, we should expect the instrument to fall down with the target in the area of 33.40. The price testing the channel’s upper border at the RSI is an additional signal to sell Silver, it is also expected to fall lower than 30 here. The stop must be above 37. If the price breaks the descending channel and leaves it, this case scenario will be cancelled.


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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