Murray Math Lines 23.10.2012 (EUR/JPY, GBP/CHF, SILVER)
23.10.2012
Analysis for October 23rd, 2012
EUR/JPY
The EUR/JPY currency pair continues growing up, the bulls are supported by the Super Trends’ lines. The market is moving above the 5/8 level, so we can expect it to continue growing up. The main target is at the 8/8 level.
The lines at the H4 and the H1 charts are completely the same. Currently the market is being corrected near the Super Trends’ lines. If the pair rebounds from the current levels, the price will start moving upwards again.
GBP/CHF
The GBP/USD currency pair continues moving inside an “oversold zone”, yesterday the price rebounded from the H4 Super Trend’s line. Most likely, the pair will continue falling down towards the -2/8 level in the nearest future.
At the H1 chart the bulls are testing the 3/8 level. If this level is strong enough to resist them and the market is able to keep the price below it, the pair will reach the 0/8 one within the next several days. But if the market breaks the H4 Super Trend, the correction will may take much more time.
SILVER
The descending trend continues. The bears are supported by the H4 Super Trend’s line as the price rebounded from it. Most likely, the market will reach the 0/8 level within the next several days.
At the H1 chart the market is moving below the 3/8 level, thus indicating that the bears may continue pushing the price downwards to 0/8 one. If the price breaks the H1 Super Trend’s line backwards, the bears will continue moving the instrument towards new minimums.
RoboForex Analytical Department
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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.