Forex Technical Analysis 2011/24/11 (EUR/USD, USD/CHF, USD/CAD, EUR/JPY, GOLD) Forecast FX

Forecast for November 24^th, 2011

EUR/USD

The EUR/USD currency pair reached a new minimum, at the moment we should expect the price to form the descending pattern with the final target of the fall in the area of 1.2880. The closest target of the fall is the level of 1.3252. One can consider selling the pair near the channel’s upper border in the area of 1.3434. If the price leaves the channel, this case scenario will be cancelled.

USD/CHF

The USD/CHF currency pair continues moving inside the rising channel. The price formed “diamond” pattern and broke it upwards, one can consider buying the pair with the tight stop. The target of the growth is the area of 0.9317. If the price leaves the channel, this case scenario will be cancelled.

USD/CAD

Canadian Dollar also reached a new local minimum, we should expect the price to be corrected to the level of 1.0370, where one can consider buying the pair with the tight stop. The target of the growth is the area of 1.0555. If the price breaks the lower border and leaves the channel, this case scenario will be cancelled.

EUR/JPY

The EUR/JPY currency pair is moving inside the descending symmetrical pattern, one can consider selling it with the tight stop. The target of the fall is the area of 101.90. If the price grows higher than 104.35, this case scenario will be cancelled.

GOLD

GOLD is moving according to the forecast. By now the price has reached the area for sales, one can consider opening short positions with the tight stop. The target of the fall is the area of 1650. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled.