Forex Technical Analysis 2011/08/09 (EUR/USD, GBP/USD, USD/CHF, USD/CAD) Forecast FX

Forecast for August 9^th, 2011

EUR/USD

The EUR/USD currency pair has almost reached the level defined earlier and is moving inside the descending pattern right now. We should expect the price to be corrected to the level of 1.4180, where we can consider selling the pair with the tight stop. The target of the fall is the area of 1.4050. But if the price breaks the rising channel’s upper border, this case scenario will be cancelled.

GBP/USD

Pound is moving inside the rising channel. We should expect the price to test the channel’s lower border in the area of 1.6275, where one can try to buy the pair with the tight stop. The target of the growth is the area of 1.6480. But if the price falls lower than 1.6255, this case scenario will be cancelled. The price breaking the descending channel and leaving it is an additional signal to buy the pair.

USD/CHF

Franc also keeps moving inside the descending pattern and the price is testing the channel’s upper border. One can consider selling the pair with the tight stop above 0.7665. The target of the fall is the area of 0.7465. But if the price breaks the channel’s upper border, this case scenario will be cancelled.

USD/CAD

Canadian Dollar keeps growing, at the moment we should expect the price to test the support level in the area of 0.9866. The target of the growth is the area of 1.0025, the stop must be below 0.9830. One is recommended to increase the amount of long positions only after the price breaks the level of 0.9940.