Forex Technical Analysis 2011/07/10 (EUR/USD, USD/CHF, NZD/USD, SILVER) Forecast FX
06.10.2011
Forecast for October 7th, 2011
EUR/USD
The EUR/USD currency pair keeps being unstable, however, the pattern with the target in the area of 1.3850 still remains in effect. One can try to buy the pair with the tight stop below 1.3265. The price breaking the descending resistance line at the RSI will be an additional signal to buy the pair. But if the price reaches new local maximums, this case scenario will be cancelled.
USD/CHF
Franc has reached new maximums. Currently one can consider selling the pair with the tight stop. The closest target of the fall is the support level in the area of 0.8898. We recommend to increase the amount of sakes only after the price leaves the rising channel. But if the USD/CHF currency pair grows higher than 0.9300, this case scenario will be cancelled.
NZD/USD
The monthly chart of the NZD/USD currency pair indicates that the price may start moving upwards and reach new maximums. The test of the trend’s broken line at the RSI is a signal of the growth, one can consider buying the pair at shorter periods of time. But if the price continues falling down, this case scenario will be cancelled.
At the daily chart of the pair we can also see signs of a reverse. The RSI indicator got very close to the trend line, and if the indicator breaks it, the price will start moving upwards with the target in the area of 0.8035.
At the H4 chart of the pair the price has already broken the trend’s descending line. The closest target of the growth is the area of 0.7925. One can try to buy the pair with the tight stop, or just hold the positions opened earlier.
SILVER
At the monthly chart of Silver the price has reached the rising channel’s lower border. This level is expected to be a starting point of the rising movement with the target in the area of 52.45. One can try to buy the instrument with the tight stop at shorter periods of time. But if the price breaks the channel’s lower border, this case scenario will be cancelled.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.