Forex Technical Analysis 2012/30/01 (EUR/USD, GBP/USD, USD/CHF) Forecast FX

Forecast for January 30^th, 2012

EUR/USD

The EUR/US currency pair rebounded from the resistance level. At the moment we should expect the price to fall down into the area of 1.2950. One can consider selling the pair with the tight stop. If the price breaks the trend’s line at the RSI, we should expect Euro to fall much lower. If the pair breaks the level of 1.3200, this case scenario will be cancelled.

GBP/USD

At the H1 chart of the GBP/USD currency pair we have “head & shoulders” reversal pattern forming with the target in the area of 1.5575. One can consider aggressive sales of Pound from the current levels and increase the amount of short positions only after the price breaks the level of 1.5655. If the pair grows higher than 1.5735, this case scenario will be cancelled.

USD/CHF

Franc continues moving inside the descending pattern. At the moment we should expect the price to test the channel’s upper border in the area of 0.9320, where one can consider selling the pair with the tight stop. The target of the fall is the area of 0.9133. If the price leaves the channel, this case scenario will be cancelled.