Forex Technical Analysis 2012/08/02 (EUR/USD, GBP/USD, USD/CHF, NZD/USD) Forecast FX

Forecast for February 8^th, 2012

EUR/USD

The EUR/USD currency pair continues moving inside the range. One can consider selling the pair with the tight stop near the channel’s upper border, the closest target of the fall is the area of 1.2800. If the price grows higher than 1.3205, this case scenario will be cancelled and we should expect the start of the rising movement.

GBP/USD

At the H1 chart of the GBP/USD currency pair we can see the formation of the descending pattern with the target in the area of 1.5706. One can try to sell the pair near the level of 1.5820. If the price breaks the level of 1.5860, this case scenario will be cancelled. We recommend you to increase the amount of short positions only after the price breaks the level of 1.5795.

USD/CHF

Franc continues moving inside “double bottom” reversal pattern, we should expect the price to test the level of 0.9365. One can consider buying the USD/CHF currency pair with the tight stop below 0.9145 and increase the amount of long positions only after the price breaks the level of 0.9245. If the pair breaks the level of 0.9100, this case scenario will be cancelled.

NZD/USD

It looks like New Zealand Dollar has reached the critical area. After the price breaks the channel’s lower border at the RSI, we should expect the pair to start falling down. One can consider selling New Zealand Dollar with the tight stop placed above the maximums. The closest target of the fall is the area of 0.8150. We recommend you to increase the amount of sales only after the price breaks the channel’s lower border.