Murray Math Lines 21.07.2011 (USD/CHF, GBP/JPY, GOLD)

21.07.2011

Analysis for July 21st, 2011

USD/CHF

In case of Franc the correction continues. The price wasn’t able to break 3/8 level, thus multiplying chances of trend to continue. I keep holding my sell orders opened, Take Profit is at the 0/8 level of the daily chart. The forecast is still bearish.



At the H1 chart the market, most likely, will try to test the 7/8 level again. If the price rebounds from this level and breaks H4 Super Trend, down-trend will continue. The first targets for bears are the 4/8 and 3/8 levels.


GBP/JPY

Prolonged consolidation of the price takes the form of the “triangle” pattern from the classical technical analysis. It may be a signal that down-trend will resume. Taking into account the fact that this consolidation took place between the 5/8 and 3/8 level, we may suppose that the price breaking the channel’s lower border and fixing itself below the 3/8 level will confirm the start of the fall for conservative traders. I decided not to wait and opened a sell order today.



The lines at the H1 chart are the same as H4. The forecast of price movements is shown on the chart. The price may leave the channel during the day and resume bearish trend.


GOLD

Our assumption about the correction was wrong. The price went back to the level of H4 Super Trend and fixed itself above it. Now the target is the 8/8 level again, the market may reach it within the next several days.



At the H1 chart we can see bullish crossing of Super Trends. The price may reach new maximum and establish new price record during the day. Take Profit on buy order is at the 8/8 level.


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.