Forex Technical Analysis 2011/17/05 (EUR/USD, USD/CHF, NZD/USD, USD/CAD) Forecast FX


Forecast for May 17th, 2011


The EUR/USD currency pair is moving according to the forecast. At the moment we should expect the price to fall even deeper, into the area of 1.3635. One can consider selling the pair near the channel’s upper border. If the price leaves the channel, this case scenario will be cancelled, we will recommend you to close short positions and consider the possibility of the rising trend in the nearest future.


Although Franc is also being corrected, it’s moving according to the forecast. Currently the price is testing the support level, the RSI was supported by the trend’s rising line, and we should expect the pair to start moving upwards. One can try to buy the USD/CHF currency pair with the tight stop.


Canadian Dollar has broken the neckline and currently we should expect the pair to grow to the level of 0.9890 where the 4th point of reference is formed. This level may be a starting point of the correction into the area of 0.9735.


New Zealand Dollar has also broken the neckline of “head & shoulders” reversal pattern, one can consider selling the pair with the stop above 0.7965. The target of the fall is the area of 0.7512.


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.