Forex Technical Analysis 31.10.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY,
RoboForex | Oct 31, 2013 11:26AM ET
EUR/USDEuro is moving inside the descending channel; this movement may be considered as a correction towards the level of 1.3700. We can’t exclude a possibility that the pair may test the level of 1.3675. Later, in our opinion, the price may complete the correction and start a new ascending wave to reach new maximums. The target is at 1.3874.
GBP/USDPound continues falling down inside a correctional wave We think, today the price may reach the level of 1.5986 and then form a new ascending wave to reach a new maximum.
USD/CHFFranc is still moving upwards; the market tested the level of 0.9021 from below. We think, today the price may test this level once again and then start forming a new descending wave to reach a new minimum and the target at 0.8880.
USD/JPYThe USD/JPY currency pair formed an ascending structure and is not expected to continue moving upwards. We think, today the price may form a reversal pattern and start a new descending wave. The target is at 96.00.
AUD/USDAfter reaching a new minimum, Australian Dollar started an ascending impulse. We think, today the price may continue growing up and form head & shoulders reversal pattern. After breaking the neckline, the pair may complete the correction at the level of 0.9620.
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GOLDGold continues moving downwards; the market broke the minimum of the first descending impulse. We think, today the price may form a consolidation and then start head & shoulders reversal pattern. The local target is at 1315.
RoboForex Analytical Department
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