Forex Technical Analysis 2011/16/12 (EUR/USD, USD/CHF, EUR/JPY, AUD/USD, SILVER) Forecast FX

Forecast for December 16^th, 2011

EUR/USD

The EUR/USD currency pair continues moving inside the descending channel. At the moment we should expect the price to be corrected to the level of 1.3090, where one can consider selling the pair with the tight stop. The target of the fall is the area of 1.2845. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled.

USD/CHF

Franc continues moving inside the rising symmetrical pattern, the target of the growth is the area of 0.9705. At the moment we should expect the price to test the level of 0.9480, where one can consider buying the USD/CHF currency pair with the tight stop. If the price falls lower than 0.9440, this case scenario will be cancelled.

EUR/JPY

At the H4 chart of the EUR/JPY currency pair we can see the formation of the descending pattern with the target in the area of 100.15. One can consider selling the pair near the level of 102.45 and increase the amount of short positions only after the price breaks the support level in the area of 100.90. If the price breaks the upper border and leaves the channel, one is recommended to stop selling the pair.

AUD/USD

Australian Dollar also continues falling down, the closest target of the fall is the area of 0.9785. One can consider selling the AUD/USD currency pair near the channel’s upper border in the area of 0.9882. The final target of the fall is the area of 0.9745.

SILVER

Silver continues moving according to the forecast, the target of the fall is the area of 20.20. One can consider selling the instrument with the tight stop above 32 during the test of the broken neckline. If the price beaks the descending channel’s upper border, this case scenario will be cancelled.