Forex Technical Analysis 2012/15/06 (EUR/USD, GBP/USD, USD/CHF, AUD/USD) Forecast FX

Forecast for June 15^th, 2012

EUR/USD

The EUR/USD currency pair is moving according to the forecast, currently there is a possibility that the price may start falling down. At the daily chart the RSI indicator faced the resistance from the trend’s descending line, we should expect a rebound from the current levels. At the H4 chart we have “head & shoulders” reversal pattern forming with the target in the area of 1.22. One can consider selling Euro aggressively from the current levels with the stop above 1.2640 and increase the amount of short positions only after the price breaks the level of 1.2430. If Euro grows up higher than 1.2670, this scenario will be cancelled.

GBP/USD

The GBP/USD currency pair has left the ascending channel. At the moment one can consider selling Pound with the tight stop. The closest target of the fall is the area of 1.54, the stop should be placed above 1.5610. We recommend to increase the amount of short positions only after the price breaks the level of 1.5465.

USD/CHF

The USD/CHF currency pair continues moving according to the forecast, currently there is a possibility that the price may start growing up and reach the level of 0.9775. At the daily chart the pair is testing the ascending channel’s lower border, we should expect a rebound from the current levels. At the H4 chart the price is forming a reversal pattern. One can consider buying the pair from the current levels with the stop below 0.9515 and increase the amount of long positions only after the price breaks the level of 0.9650. The target of the pattern is the area of 0.9825.

AUD/USD

Australia Dollar faced the resistance from the descending channel’s upper border, we should expect it to rebound from the current levels and start moving downwards. At shorter time frames the price is forming “triangle” pattern. One can consider selling the pair with the stop above 0.9975 after the price breaks the level of 0.99. The target of the fall is the area of 0.9730. The formation of divergences at shorter time frames is an additional signal to sell the pair. If the price breaks “triangle” pattern upwards, this scenario will be cancelled.