Forex Technical Analysis 2011/29/09 (EUR/USD, USD/CHF, NZD/USD, GOLD) Forecast FX

Forecast for September 29^th, 2011

EUR/USD

In case of the EUR/USD currency pair there is a dangerous possibility that the pair may fall down into the area of 1.3495 or even lower. The RSI indicator faced the resistance from the trend’s descending line. One can try to sell the pair with the tight stop. But if the price reaches a new maximum at the level of 1.3720, this case scenario will be cancelled.

USD/CHF

Franc keeps moving inside the rising channel. Currently we should expect the pair to grow into the area of 0.9065. One can try to buy the pair with the tight stop below 0.8895. The price breaking the trend’s descending line at the RSI is an additional signal to buy the pair. But if the price breaks the channel’s lower border, this case scenario will be cancelled.

NZD/USD

New Zealand Dollar couldn’t break the descending trend’s line at the RSI. At the moment we can see the formation of the descending pattern with the target in the area of 0.7505. One can try to sell the NZD/USD currency pair with the stop above 0.7900. But if the price breaks the channel and leaves it, this case scenario will be cancelled.

GOLD

After a slight correction we should expect the price to continue moving downwards. The price is in the area for sales, one can consider opening short positions. The target of the fall is the area of 1423.  The price testing the trend’s descending line at the RSI is an additional to sell the instrument.