Forecast for June 1st, 2012
The EUR/USD currency pair has reached all yesterday’s targets. The price continues moving inside the descending channel and right now is forming a symmetrical pattern. The target of the fall is the area of 1.2310. The pair is testing the channel’s upper border, which in this case is a resistance level. One can consider selling Euro with the tight stop above 1.2445 and increase the amounts of short positions only after the price breaks the level of 1.2385. If the price grows up higher than 1.2470, this scenario will be cancelled.
The GBP/USD currency pair has reached the area 1.5475. Pound is still under pressure and currently we should expect it to be corrected into the area of 1.5590, where one can consider selling the pair. We don’t recommend to buy Pound from the current levels. If the price grows up higher than 1.5715, this scenario will be cancelled.
The USD/CHF currency pair has reached all the targets of the ascending pattern and right now is testing the ascending channel’s lower border. We should expect the price to rebound from the current levels in an upward direction. The closest target of the growth is the area of 0.9745. One can consider buying Franc aggressively with the tight stop below 0.9655 and increase the amount of long positions only after the price breaks the level of 0.9715. If the price breaks the channel’s lower border, this scenario will be cancelled.
Australian Dollar continues moving inside the descending channel and may continue falling down to the level of 0.9685. One can consider selling the pair with the tight stop below 0.9760. If the price grows up higher than 0.9790, this scenario will be cancelled.
Despite our expectations, Canadian Dollar continues moving upwards. The price is forming the ascending pattern with the target in the area of 1.0320. One can consider buying the pair from the current levels with the stop below 1.0250.
Russian Ruble continues falling down against American Dollar. By now the price has reached the resistance level. The pair may test the area of 33.50, which is expected to be a starting point of the correction followed by the descending movement. The target of this pattern is the area of 26.70. If the price breaks the level of 34.50, this scenario will be cancelled.