Analysis for January 16th, 2013
The EUR/USD currency pair continued moving downwards. Today, in my opinion, the price may return to the level of 1.3330 and then form a new descending structure to reach the target at 1.3262. Thus, a correction may be considered completed. After that, I think, the pair may continue growing towards the level of 1.3500.
The GBP/USD currency pair continues a correction. Today, in my opinion, the price may return to the level of 1.6080 and then form one more descending structure to reach the level of 1.6010. After that, I think, the pair may start a new ascending movement to reach the target at 1.6190.
The USD/CHF currency pair managed to form an ascending structure and formed a five-wave correctional wave. I think today the price may consolidate for a while at the current levels and then start forming any type of a reversal technical pattern. The target of the fall is at the level of 0.8980. Later, in my opinion, the pair may start forming a new five-wave descending structure with the first target at 0.9195.
The USD/JPY currency pair is trying to start a correction. I think today the price return to the level of 88.80 and then form a new descending structure to reach the target at 80. After that, the pair may continue growing up towards the level of 90.
Australian Dollar is still moving inside a narrow consolidation channel. If the price leaves the channel downwards, a correction may continue and reach the target at 1.0500; If upwards - the market may reach its main target at 1.0650.
Gold continues moving upwards. Today, in my opinion, the instrument may reach a local target at 1690 and then fall down to return to t=he level of 1670. After that, according to the structure of the current wave, the price may form the fifth wave of this correctional ascending movement. The target is at 1707.
RoboForex Analytical Department