Forex Technical Analysis 2011/12/08 (EUR/USD, GBP/USD, USD/CHF, CAD/JPY) Forecast FX

Forecast for August 12^th, 2011

EUR/USD

The EUR/USD currency pair keeps testing the level where the descending channel has been broken, one can still consider buying the pair with the tight stop. The closest target of the growth is the area of 1.4580. One can try to buy the pair near the level of 1.4340. The final target of the growth is the area of 1.4730. But if the price breaks local minimum, this case scenario will be cancelled.

GBP/USD

Pound keeps moving inside the descending channel with the general target in the area of 1.5950. At the moment the price is testing the channel’s upper border. One can consider selling the pair with the tight stop above 1.6245.

USD/CHF

At the H4 chart we can see the formation of expansion pattern with the general target in the area of 0.6836. Currently the price is testing the area of the 5^th point of reference. But if the price breaks the trend’s descending line and leaves the channel, this case scenario will be cancelled.

CAD/JPY

The CAD/JPY currency pair is moving inside the descending pattern with the target in the area of 74.00. At the moment we should expect the price to fall into the area of 75.37, which is considered to be a starting point of the correction to the level of 77.50. One can consider selling the pair with the tight stop when the price reaches the descending channel’s upper border.