Murray Math Lines 29.08.2011 (USD/CAD, GBP/CHF, EUR/JPY)

Analysis for August 29^th, 2011

USD/CAD

Contrary to all expectations, Canadian Dollar decided to test the 8/8 level and the daily Super Trend’s line once again. If bears aren’t strong enough to break these levels and the market rebounds from them, we can expect the price to continue growing again.



At the H1 chart the price is getting closer to the 8/8 level. Most likely, this level will be too strong for bears and the price will rebound from it. If it happens, the main up-trend will continue. The first target will be the 4/8 level.

GBP/CHF

As we expected, the price left the channel and moved to the 8/8 level. The market may reach this level during the day. I moved my stop on buy order into the black, just in case. After the price tests the 8/8 level, the correction may start.



At the H1 chart the price has broken the 5/8 level, thus indicating that the target of the price movement is the 8/8 level, where Take Profit on buy order is. The forecast remains bullish. In the near term, we can expect the price to continue growing.

EUR/JPY

The market rebounded from the daily Super trend’s line again, thus indicating that the price is going to start moving inside the descending trend. Within the next several days there is a possibility of the descending movement to the -2/8 level. If the price breaks this level, the lines may be redrawn.



The market wasn’t able to fix itself above the 5/8 level, thus indicating that the current week at the market may be bearish. Traders, who are more conservative, should wait until the formation of “Dead Cross” and then start selling the pair, but in this case the point of entry will be less profitable.