Forex Technical Analysis 2011/02/08 (EUR/USD, USD/CHF, USD/CAD, EUR/CHF) Forecast FX

Forecast for August 2^nd, 2011

EUR/USD

The EUR/USD currency pair is moving inside the rising pattern with the target in the area of 1.47. The price has left the descending channel by now, one can try to buy the pair with the tight stop. Also we have “head & shoulders” reversal pattern forming with the target in the area of 1.4590. We recommend you to increase the amount of long positions only after the price breaks the neckline. The stop must be below 1.4345.

USD/CHF

Franc keeps falling. Currently we can see the formation of the descending symmetrical pattern with the target in the area of 0.7670. We should expect the price to test the descending channel’s upper border in the area of 0.8045, where one can consider selling the pair with the tight stop. But if Franc grows higher than 0.8105, this case scenario will be cancelled.

USD/CAD

Canadian Dollar keeps moving inside the descending pattern, the target of the fall is the area of 0.9290. One can try to sell the USD/CAD currency pair with the stop above 0.9535. At shorter periods of time we have “head & shoulders” reversal pattern with the final target in the area of 0.9405.

EUR/CHF

The EUR/CHF currency pair is moving inside the descending channel, currently the price is testing the channel’s upper border. We should expect the price to rebound from it and start moving downwards into the area of 1.1075. But if the price grows higher than 1.1520, this case scenario will be cancelled.