Forex Technical Analysis 17.09.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY,

EUR/USD

Euro completed a descending movement to eliminate yesterday’s gap. We think, today the price may reach the level of 1.3320 and then complete this wave by forming another ascending structure towards the level of 1.3400. Later, in our opinion, the pair may form a reversal structure for the fifth descending wave to reach the target at 1.3100.

GBP/USD

Pound is finishing a descending structure to eliminate yesterday’s gap. We think, today the price may complete this five-wave structure by making another ascending structure to reach a new maximum and the target at 1.5970. Later, in our opinion, the pair may start forming a reversal pattern for a new correction.

USD/CHF

Franc is completing its structure to eliminate yesterday’s gap. We think, today the price may reach the target at 0.9283 and then finish this wave by falling down to reach a new minimum. Later, in our opinion, the pair may form a reversal structure for a new ascending wave, the fifth one.

USD/JPY

The USD/JPY currency pair eliminated yesterday’s gap. We think, today the price may start a new descending movement and complete this descending wave by reaching the level of 98.00. Later, in our opinion, the pair may make a reverse and start forming a new ascending structure towards the target at 101.60.

AUD/USD

Australian Dollar is finishing a descending structure to eliminate yesterday’s gap. We think, today the price may form a new ascending structure and complete the third wave by reaching its local target at 0.9437. Later, in our opinion, the pair may make a reverse and start a new correction inside the fourth wave. The target of the correction is at 0.9165 (at least).

GOLD

Gold continues forming a descending structure with the target at 1291. We think, today the price may reach the above-mentioned target and form a reversal structure to return to the level of 1390.

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