Forex Technical Analysis 2012/16/01 (EUR/USD, GBP/USD, USD/CHF, USD/CAD) Forecast FX

Forecast for January 16^th, 2012

EUR/USD

The EUR/USD currency pair is moving according to the forecast. By now the price has reached the area for sales, one can consider opening short positions with the tight stop. The target of the fall is the area of 1.2538. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled.



At the M15 chart the price has also reached all the targets. According to the forecast we should expect the pair to fall down to the level of 1.2805, which may be a starting point of the correction into the area of 1.2845. Here one can consider aggressive sales with the stop above 1.2870.

GBP/USD

Pound is moving inside the descending channel, and currently the price is testing the channel’s upper border. One can consider selling the pair with the tight stop. The target of the fall is the area of 1.5107. If the price leaves the channel, this case scenario will be cancelled.

USD/CHF

At the daily chart of the USD/CHF currency pair the price is testing the trend’s rising line at the RSI, we should expect it to rebound from the line, start moving upwards and reach new local maximums. If the price breaks the line downwards, we should expect a reverse.



At the H4 chart we can see the formation of the rising pattern with the target in the area of 0.9649. By now the pair has reached the target level, where we can consider buying it. One can try to buy the pair with the tight stop below 0.9400.

USD/CAD

Canadian Dollar will be supported at the RSI, we should expect it to rebound and start moving upwards. One can consider buying the pair withy the tight stop, the target of the growth is the area of 1.0245. If the price falls lower than 1.0125, this case scenario will be cancelled.