Forecast for December 20th, 2011
The EUR/USD currency pair continues moving inside the descending pattern with the target in the area of 1.2830. At the moment the RSI indicator is testing the trend’s descending line, we should expect it to rebound from the line and start moving downwards. One can consider selling the pair with the tight stop.
At the H1 chart of the pair the price has left the rising channel. Currently the price is in the area for sales, one can consider opening short positions with the stop above 1.3075. The target of the fall is the area of 1.2764.
In case of Franc we have rising expansion pattern forming, the target of the growth is the area of 0.9665. At the moment the price is in the area for purchases, one can consider opening long positions with the tight stop below 0.9345 and increase the amount of purchases only after the price breaks the level of 0.9405.
The EUR/GBP currency pair is moving inside the descending channel. Currently the price is testing the area of the 5th
pivot point, one can consider selling the pair with the tight stop. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled. The final target of the fall is the area of 0.8312. The test of the trend’s descending line at the RSI is an additional signal to sell the pair.
Gold continues falling down. The price it testing the channel’s upper border, we should expect it to rebound from the border and start moving downwards with the target in the area of 1554. If the price grows higher than 1610, this case scenario will be cancelled. One can consider selling the instrument with the tight stop.