Forex Technical Analysis 2011/17/06 (EUR/USD, GBP/USD, USD/CHF, NZD/USD) Forecast FX

Forecast for June 17^th, 2011

EUR/USD

The EUR/USD currency pair is moving inside the descending pattern. By the moment the price has reached the area of the 4^th point of reference. Here we should expect the pair to be corrected to the channel’s upper border in the area of 1.4250, where one can consider selling it with the tight stop. If the price breaks the channel and leaves it, this case scenario will be cancelled.

GBP/USD

In case of the GBP/USD currency pair we can see that the formation of “head & shoulders” reversal pattern with the target in the area of 1.5250 has almost been completed. One can try the tight stop sales after the price breaks the neckline. Don’t forget to move stops into the black as soon as possible.

USD/CHF

Franc is moving inside the rising pattern with the final target in the area of 0.8565.  We should expect the pair to move downwards to the level of 0.8453 where one can consider buying it with the tight stop. But if the price breaks the rising channel’s lower border and leaves it, this case scenario will be cancelled.

NZD/USD

New Zealand Dollar keeps falling down. At the moment we can see the formation of the descending pattern with the target in the area of 0.7775. We should expect the price to fall to the level of 0.7840, and then to be corrected to the channel’s upper border in the area of 0.7925. One can consider selling the pair starting from this area.