Murray Math Lines 03.09.2012 (USD/CHF, GBP/JPY, EUR/JPY)

Analysis for September 3^rd, 2012

USD/CHF

The bears’ first attempt to enter an “oversold zone” failed. We can’t exclude a possibility that after the local correction is finished, the price may continue moving downwards. The closest target for the next several days is the -2/8 level.



At the H1 chart we can see that the price started the corrective movement form the 0/8 level. It may well be that the bears will be supported by the 3/8 level. If the market rebounds from this level, the price will continue falling down. After the price breaks the -2/8 level, the lines at the chart will be redrawn.

GBP/JPY

The GBP/JPY currency pair is being corrected, and this movement is supported by the daily Super Trend’s line. The price has already rebounded from the line twice. In the near term, we can expect the pair to continue growing up towards the +1/8 level.



At the H1 chart we can see that the price has been supported by the 5/8 level twice. We can’t exclude a possibility that the bears may enter an “overbought zone” on Monday. Later, they will most probably reach the +2/8 level.

EUR/JPY

The EUR/JPY currency pair continues consolidating near the 6/8 level. If the price rebounds from the current levels, the pair will continue growing up. The closest target for the bears is at the 8/8 level, they may reach it within the next several days.



The price is moving in the middle of the H1 chart. Several hours ago the pair rebounded from the 3/8 level. If the market keeps the price above the 5/8 level, the pair will continue growing up towards the 8/8 one.