Forecast for September 26th, 2011
At the H4 chart of the EUR/USD currency pair we can see the formation of the descending pattern with the target in the area of 1.3241. One can consider selling the pair near the level of 1.3690. The target of the fall is the area of 1.3240. But if the price breaks the descending channel and leaves it, this case scenario will be cancelled. The stop must be above 1.3600.
Pound keeps moving downwards. Currently at the H1 chart of the pair we can see the formation of the descending pattern with the target in the area of 1.5200. The price is testing the area of the 5th
point of reference, one can try to sell the pair with the tight stop above 1.5500. We recommend you to increase the amount of short positions only after the price breaks the level of 1.5370. But if the price breaks the descending channel’s upper border and leaves the channel, this case scenario will be cancelled.
The weekly chart of the pair indicates a possible slight correction. The RSI indicator was supported by the trend’s rising line. That’s why if the price breaks the channel at the H1 chart, one can try to buy Pound with the tight stop and expect the start of the rising correction.
At the daily chart of the USD/CHF currency pair we still should expect the price to fall down if the trend’s rising line is broken at the RSI. Judging by the current situation, it may happen very soon. The closest target of the fall is the area of 0.8670. Also, there is some potential for “head & shoulders” reversal pattern to be formed, and if the market forms this pattern, we should expect the pair to fall much lower.
At the weekly chart of the pair we can see the formation of the descending symmetrical pattern with the final target of 0.6527. Currently the quotes are in the area for sales, so we should wait for reverses at shorter periods of time. If the price leaves the descending channel, this case scenario will be cancelled.
Australian Dollar has also significantly fallen against American Dollar. However, at the moment the price is testing the rising channel’s lower border. We should expect the price to rebound, start moving upwards, and reach new local maximums. The RSI indicator testing the support area is an additional signal to buy the pair. But if the price breaks the level of 0.9500 and leaves the channel, this case scenario will be cancelled.