Forex Technical Analysis 2012/12/06 (EUR/USD, GBP/USD, USD/CHF, USD/CAD) Forecast FX

Forecast for June 12^th, 2012

EUR/USD

We may assume that the price is forming the first signs of a trend reverse. At the daily chart at the RSI the trend’s descending line has been broken, we should expect the test of the similar trend line at the price chart. One can consider buying Euro at shorter time frames.



At the H4 chart the price is forming the ascending pattern with the target in the area of 1.2820. One can consider buying the pair near the channels’ lower border. If Euro falls down lower than 1.2470, this scenario will be cancelled. We recommend to increase the amount of purchases only after the price breaks the level of 1.2620.

GBP/USD

At the weekly chart of the GBP/USD currency pair we can see that the price is also moving upwards. The RSI indicator was supported by the trend’s ascending line, we should expect a rebound and the start of the ascending movement. One can consider buying the pair at shorter time frames.



At the H1 chart the price continues moving inside the ascending channel, the closest target of the growth is the area of 1.5665. One can consider buying Pound near the level of 1.5565, the target of the growth is the area of 1.5725. If the price falls down lower than 1.5495, this scenario will be cancelled.

USD/CHF

The USD/CHF currency pair continues moving according to our forecast and currently is testing the resistance level. One can consider selling the pair from the current levels with the tight stop. The target of the fall is the area of 0.9365. If the price grows up higher than 0.9625, this scenario will be cancelled.

USD/CAD

Canadian Dollar is also expected to move downwards. The RSI indicator faced a very strong resistance level, we should expect the pair to start falling down from the current levels. The closest target of the growth is the area of 1.0210, the next one will be the area of 1.0050. If the price grows up higher than 1.0370, this scenario will be cancelled.