Forex Technical Analysis 2011/31/10 (EUR/USD, GBP/USD, USD/CHF, USD/JPY) Forecast FX
28.10.2011
Forecast for October 31st, 2011
EUR/USD
The EUR/USD currency pair continues moving inside the descending pattern, at the moment the price is testing the channel’s upper border. As long as the border is not broken, there is a possibility that the price may fall into the area of 1.2750. One can consider selling the pair, and in case of the fall one should hold and increase the amount of short positions. The price testing the resistance line at the RSI is an additional signal to sell the pair. If the price leaves the channel, this case scenario will be cancelled.
GBP/USD
Pound has almost reached the area of the 5th pivot point, which is expected to be a starting point of the fall. One can consider selling the pair only after the price leaves the channel. The closest target of the fall is the area of 1.5840.
USD/CHF
The USD/CHF is moving inside the descending pattern with the target in the area of 0.8365. One can consider selling the pair near the level of 0.8750. If the price leaves the channel, this case scenario will be cancelled.
USD/JPY
The daily chart of the pair indicates that the price will continue falling down. The pair is moving inside the descending symmetrical pattern with the target in the area of 71.88. The price has left the “triangle” pattern, we should expect it to move downwards. One can consider selling the pair with the tight stop. If the price breaks the channel’s upper border and leaves it, this case 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.