Forex Technical Analysis 2011/17/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD) Forecast FX

Forecast for August 17^th, 2011

EUR/USD

The EUR/USD currency pair keeps moving according to the forecast. At the moment we can see the formation of the rising symmetrical pattern with the target in the area of 1.4522. The price is testing the rising channel’s lower border, one can consider buying the pair from the level of 1.4365. But if the price breaks the channel and leaves it, this case scenario will be cancelled.

GBP/USD

Pound is also moving according to the forecast. Currently we should expect the pair to continue growing into the area of 1.6466. The market has defined the place for the 5^th point of reference, which is expected to be a starting point of the growth. One can consider buying the pair with the tight stop. If the price breaks the level of 1.6320, this case scenario will be cancelled.

USD/CHF

In one of our previous reviews we predicted that the USD/CHF currency pair would fall at the H4 chart. At the daily chart of the same pair we should also expect the price to fall down. The RSI indicator is moving inside the descending channel and currently testing the channel’s upper border. We should expect the indicator to rebound from the channel’s border and, consequently, the price to start moving downwards.

AUD/USD

Australian Dollar keeps rising. Judging by the current price structure, we should expect the formation of the rising pattern with the target in the area of 1.0625. Currently the price is testing the rising channel’s lower border. One can consider buying the AUD/USD currency pair with the tight stop below 1.0390.