Forex Technical Analysis 2011/04/07 (EUR/USD, GBP/USD, USD/CHF, EUR/GBP) Forecast FX

Forecast for April 7th, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast. At the moment we should expect the price to grow to the level of 1.4391 and then to be corrected to the channel’s lower border in the area of 1.4295 where one can consider buying the pair with the target of 1.4480.

 

GBP/USD

Pound is also moving inside the rising pattern with the target in the area of 1.6403. One can consider buying the pair in the area of 1.6189. If the price breaks the channel’s lower border, this case scenario will be cancelled.

 

USD/CHF

Franc has left the rising channel. At the moment we have “head & shoulders” reversal pattern forming with the target in the area of 0.8912. One should consider selling the pair when the price is back to the channel’s broken level. The stop must be above 0.9265.

 

EUR/GBP

The EUR/GBP currency pair is moving inside the rising pattern. The target of the growth is the area of 0.9024. At the moment we should expect the pair to grow to the level of 0.8953 where one can consider selling it with the tight stop. The area of 0.8651 may be a starting point of the final wave of growth. But if the price breaks the channel’s lower border, this case scenario will be cancelled.