Forex Technical Analysis 2012/11/06 (EUR/USD, GBP/USD, USD/CHF, USD/CAD, NZD/USD) Forecast FX

Forecast for June 11^th, 2012

EUR/USD

The EUR/USD currency pair is being corrected, currently the price is testing the ascending pattern’s lower border. We should expect the pair to start growing from the current levels. The target of the ascending pattern is the area of 1.2730, one can consider buying Euro with the tight stop. If the price falls down lower than 1.2425, this scenario will be cancelled.

GBP/USD

Despite our expectations the GBP/USD currency pair has moved downwards. One can consider buying Pound aggressively from the current levels. The target of the pattern is the area of 1.5690, the stop must be placed below 1.5360. We recommend to increase the amount of long positions only after the price breaks the level of 1.55.

USD/CHF

Despite our expectations the USD/CHF currency pair has grown up a bit and by the moment the price has reached the descending channel’s upper border. One can try to open short positions from the current levels. The target of the fall is the area of 0.9455. If Franc grows up higher than 0.9685, this scenario will be cancelled.

USD/CAD

Canadian Dollar left the ascending channel and by now the price has returned to the area where the channel was broken. We should expect the pair to start falling down from the current levels. One can consider selling the pair with the stop above 1.0360.

NZD/USD

New Zealand Dollar has fallen down towards “triangle” pattern. At the moment the price is forming the ascending pattern with the target in the area of 0.7820.  If the price falls down lower than 0.7595, this scenario will be cancelled.