Forecast for June 13th, 2011
The EUR/USD currency pair is moving according to the forecast. Currently we can see the formation of the descending pattern with the target in the area of 1.4365. One can consider selling the pair near the channel’s upper border in the area of 1.4475. But I the price breaks the channel and leaves it, one is recommended to close short positions.
Pound is moving inside the descending pattern, the target of the fall is the area of 1.6131. One can try to sell the pair with the tight stop. If Pound grows higher than 1.6305, this case scenario will be cancelled. Don’t forget to move stop into the black as soon as possible.
Franc is moving inside the rising channel, the target of the growth is the area of 0.8475. one can consider buying the pair when the price is testing the trend’s rising line at the RSI. But if the price breaks the channel’s lower border, this case scenario will be cancelled.
In case of Gold we have “head & shoulders” reversal pattern formed with the final target in the area of 1506. When the price is back to the broken neckline, one can consider selling the instrument. The stop must be above 1550.