Analysis for April 11th, 2012
USD/CHF
Franc has been consolidating over the last couple of days, the correction is supported by the
6/8 level and the H4 Super Trend’s line. Most likely, one of these days the price will start moving upwards again. The target for the bears is the
8/8 level.
The pair has been moving inside a trading range between the
6/8 and
4/8 levels since last Thursday. So far the bears haven’t been able to stay below the Super Trends’ lines, thus indicating that the price may continue moving upwards. However, we can’t exclude a possibility that Franc may reach the
8/8 level within the next several days.
GBP/JPY
The GBP/JPY currency pair is moving below the
3/8 level, thus indicating that the price may continue falling down towards the
0/8 one. Currently the local correction is taking place at the
2/8 level, that’s I’ve decided to open a sell order. The stop is placed a little bit higher than the local maximum.
At the H1 chart the price is trying to enter an “oversold zone”, the bears are supported by the H1 Super Trend. The price may break the
-2/8 level within the next several days, and after it does, the lines at the chart will be redrawn.
SILVER
Earlier the price rebounded from the
0/8 level once again, thus indicating that the correction may continue. The first target in this case is the
2/8 level. The future scenario depends on how the price will move at this level.
After rebounding from the
2/8 level, the price faced the resistance from the
0/8 one again and rebounded from it. Now the market may start moving towards the
4/8 level, however, in order to reach it, the bulls have to break the H4 Super Trend’s line and stay above it.