Forex Technical Analysis 2011/05/12 (EUR/USD, GBP/USD, USD/CHF, NZD/USD) Forecast FX


Forecast for December 5th, 2011


The EUR/USD currency pair continues moving inside the descending trend, one can consider selling the pair only after the price breaks the rising channel’s lower border. The closest target of the fall is the area of 1.3310. If the price breaks the trend’s rising line at the RSI, it will be an additional signal to sell the pair.


Pound has already left the channel and defined the area for sales. One can consider opening short positions with the stop above 1.5735. The closest target is the level of 1.5585. After the price breaks this level, we can expect the pair to continue falling down.


Franc was supported by the rising channel’s lower border, we can try to buy it with the stop below 0.9045. The final target of the growth is the area of 0.9450. One is recommended to increase the amount of long positions when the price is near the level of 0.9285.


New Zealand Dollar is still testing the trend’s descending line at the RSI, one can consider selling it with the tight stop. The closest target of the fall will be a new local minimum. If the price grows higher than 0.8170, this case scenario will be cancelled.


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.