Forex Technical Analysis 2012/10/07 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, USD/CAD) Forecast FX
09.07.2012
Forecast for July 10th, 2012
EUR/USD
The EUR/USD currency pair continues moving downwards according to the forecast. The price has tested the area of 1.2255 and right now is forming the descending pattern with the target in the area of 1.21. One can consider selling Euro near the level of 1.2330 and increase the amount of sales only after the price breaks the level of 1.2255. If the price grows up higher than 1.2380, this scenario will be cancelled.
GBP/USD
The GBP/USD currency pair is testing the support level. One can consider buying Pound from the current levels with the tight stop. The closest target of the growth is the area of 1.56. The test of the trend’s ascending line at the RSI is a signal to start buying the pair. The stop should be placed below 1.5410. We recommend to increase the amount of purchases only after the price breaks the level of 1.5530.
USD/CHF
The USD/CHF currency pair continues moving inside the ascending channel. The target of the growth is the area of 0.9850. At the moment the price is forming the ascending pattern. One can consider buying the pair with the tight stop below 0.9710 and increase the amount of long positions only after the price breaks the level of 0.98. If the price breaks the lower border, leaves the ascending channel and falls down lower than 0.97, this scenario will be cancelled.
AUD/USD
Australian Dollar started moving downwards, currently the price is forming the ascending pattern with the target of the growth in the area of 1.0345. One can consider buying the pair from the current levels with the stop below 1.0110 and increase the amount of purchases only after the price breaks the level of 1.0250. The test of the trend’s ascending line at the RSI is an additional signal to buy the pair.
USD/CAD
Canadian Dollar is being corrected, the price is forming the descending pattern at the daily chart of the pair. One can consider selling the pair from the current levels with the tight stop. The RSI indicator is testing the trend’s descending line. The closest target of the fall is the area of 1.0110. If the price grows up higher than 1.0270, this scenario will be cancelled.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.