Forex Technical Analysis 2011/03/25 (EUR/USD, GBP/USD, USD/CHF, GBP/JPY) Forecast FX.

Forecast for March 25^th, 2011

EUR/USD

The EUR/USD currency pair has reached all the targets of the reversal pattern. However, it keeps moving downwards and we should expect the price to fall into the area of 1.4020. One can consider selling the pair with the tight stop above 1.4150.

 

GBP/USD

Pound also started moving downwards with the target of 1.5755, and now the pair is inside the rising channel. The RSI indicator has broken the rising trend’s line, we can expect the test of the similar line at the price chart. We should expect the pair to fall to the level of 1.6030. One can try the tight stop sales.


 

USD/CHF

In case of Franc the target of the growth is the area of 0.9160, the channel’s upper border. One can try to buy the USD/CHF currency pair with the tight stop. But if Franc falls lower than 0.9050, this case scenario will be cancelled and we will recommend you to close long positions.


 

GBP/JPY

The GBP/JPY currency pair started moving to the area of 120.90. “Head & shoulders” reversal pattern has been completely formed by now and we should expect the price to fall to the level of 128.85. The stop must be above 131.70.

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Elliott Wave Strategy GBP - Can the Stg drop straight to 1.5975?

London Calling Mar 25

PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 24 MARCH 2011

EUR/USD INTRADAY: UNDER PRESSURE.

Pivot: 1.4150.

Most Likely Scenario : SHORT positions @ 1.414 with targets @ 1.404 & 1.4.

Alternative scenario : The upside penetration of 1.415 will call for 1.4185 & 1.422.

Comment : the pair remains on the downside and is approaching its next support, the RSI is mixed to bearish.

GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.6300. Most Likely Scenario : SHORT positions @ 1.629 with 1.62 & 1.6145 in sight. Alternative scenario : The upside penetration of 1.63 will call for 1.635 & 1.64. Comment : the pair is under pressure and is approaching its support, the RSI is mixed to bearish.

USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 81.40. Most Likely Scenario : SHORT positions @ 81.35 with targets @ 80.65 & 80.25. Alternative scenario : The upside penetration of 81.4 will call for 82 & 82.4. Comment : the pair stands below its new resistance and remains under pressure.

AUD/USD INTRADAY: CONSOLIDATION. Pivot: 1.02 Most Likely Scenario : Short positions below 1.02 with targets @ 1.0075 & 1.0035 in extension. Alternative scenario : Above 1.02 look for further upside with 1.0225 & 1.0255 as targets. Comment : the RSI is posting a bearish divergence (not confirmed yet).

GOLD (SPOT) INTRADAY: FURTHER UPSIDE. Pivot: 1430.00 Most Likely Scenario : LONG positions above 1430 with 1445 & 1453 in sight. Alternative scenario : The downside penetration of 1430 will call for 1420 & 1412. Comment : the bullish trend line is expected to continue to push the price up.

CRUDE OIL (MAY 11) INTRADAY: FURTHER UPSIDE. Pivot: 104.30 Most Likely Scenario : LONG positions above 104.3 with 106.45 & 108.15 in sight. Alternative scenario : The downside penetration of 104.3 will call for a slide towards 103.5 & 102. Comment : the RSI is supported by a bullish trend line. Intraday support at 104.3.

G20 Mulling Giving IMF Forex Swap Mandate For Central Banks

IMF would provide short-term foreign exchange swaps to central banks in developing nations as a way to handle financial shocks

US Fed backs the idea, but wants to make sure the IMF sets tough standards

(Dow Jones)- The International Monetary Fund is working on a proposal to become a more significant lender of dollars, euros and other hard currencies during times of crisis, essentially sharing the role of global lender of last resort with the U.S. Federal Reserve.

Under the plan, which has been encouraged by the U.S. and other nations in the Group-of-20 nations, the IMF would provide short-term foreign exchange swaps to central banks in developing nations as a way to handle financial shocks that leave those nations short of hard currencies. That would reduce political pressure on central banks to provide swap lines to countries that could be controversial domestically, and could also help convince borrowers that they don’t need to accumulate huge reserves of foreign currencies to protect themselves during times of trouble.

http://forexmagnates.com/g20-mulling-giving-imf-forex-swap-mandate-for-central-banks/

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