Technical Analysis: USD/CHF May Continue Downwards
RoboForex | Mar 11, 2014 10:18AM ET
EUR/USD
The euro is still consolidating. We think, today the price may move downwards a little bit inside this consolidation channel, leave it upwards, and then continue growing up to reach level of 1.3990. Later, in our opinion, instrument may continue moving upwards towards level of 1.4100.
GBP/USD
The pound is moving inside consolidation channel; market is going to continue this correction. We think, today the price may form the third wave of this correction by falling down towards lower border of this trading range and reaching level of 1.6560. Later, in our opinion, instrument may return to level of 1.6750.
USD/CHF
The franc is still consolidating. We think, today the price may return to level of at 0.8805 and then continue moving downwards to reach level of 0.8730.
USD/JPY
The yen continues forming descending structure towards level of 102.80. Later, in our opinion, instrument may return to level of 104.40, and then start moving downwards to reach level of 100.00.
AUD/USD
The Australian dollar broke its ascending channel and right now is forming consolidation channel; the market is expected to form continuation pattern towards level of 0.8935. Later, in our opinion, the instrument may return to the level where the channel was broken, thus forming head & shoulders reversal pattern. Main scenario implies that instrument may form another descending wave towards level of 0.8400.
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USD/RUB
The ruble wasn’t traded yesterday. Main scenario remains the same. We think, today the price may grow up towards level of 36.50 and then form the fifth wave with target at level of 35.60. Later, in our opinion, instrument may start another ascending movement to reach level of 37.60.
XAU/USD
Gold is being corrected inside flat horizontal trading range. We think, today the price may reach level of 1345, fall down towards level of 1326, and then return to level of 1340. Later, in our opinion, instrument may continue forming descending correction. Alternative scenario implies that price may continue growing up towards level of 1360.
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