Forex Technical Analysis 2012/03/02 (EUR/USD, GBP/USD, USD/CHF, DOLLAR INDEX) Forecast FX

Forecast for February 3^rd, 2012

EUR/USD

The RSI indicator broke the trend’s rising line, at the moment we should expect the EUR/USD currency pair to fall down. The closest target of the fall is the support level in the area of 1.3055. One can consider opening short positions with the tight stop above 1.3215.

GBP/USD

Pound continues moving inside the rising channel. Judging by the price structure, we should expect the price to break the channel’s lower border and fall down. The closest target is the area of 1.5640, the next one - 1.5556. One can consider aggressive sales with the tight stop, and increase the amount of short positions only after the price leaves the channel.

USD/CHF

The USD/CHF currency pair was supported by the test of the channel’s lower border at the RSI, we should expect it to rebound from the border and start moving upwards. The closest target of the growth is the area of 0.9931, one can consider buying the pair with the tight stop. If the pair breaks the channel’s lower border at the price chart, this case scenario will be cancelled.

DOLLAR INDEX

At the daily chart of Dollar Index the RSI indicator is still testing the support line. We should expect both Dollar Index and American Dollar to grow from the current levels. The closest resistance level is in the area of 83.00.