GIGFX- Forex Daily Report 1-11-2011 _ar

[gigfx.m.e]

Tuesday November 1st 2011 GIGFX Technical Analysis Report


EUR/USD

As it was expected through the last analysis, the European currency continued declining against the U.S. dollar till the support level 1.3971 which failed to prevent the pair to decline so the pair continued declining till the next support level at 1.3905 followed by the support level 1.3800 during the last trades, if the pair reached these levels means breaking the bottom border of the bullish channel for mid-term trades so it is expected that the pair will continue declining targeting to break the bullish channel by breaking the support level 1.3524 which represents 161.8% of fibonacci's continuous level for the bullish move (From 1.3800 to 1.4247) but under the condition of breaking the support level 1.3800 and 1.3679.

The stability of these expectations requires the stability of the resistance level 1.3905.


Res: 1.4076 1.4292 1.4416
Pivot: 1.3952
Sup: 1.3736 1.3612 1.3396
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GBP/ USD

The GBP/USD pair was unable to be stabile above the resistance level 1.6105 coinciding with the formed (bullish wedge) reversal pattern's top border then the price reversed down trying to break the pattern's lower border which had already broken, in condition the pair must have a good close below it to target the support level 1.5845 as it's first target.

This scenario depends on the stability of the resistance level 1.6035.

The previous analysis is still remaining till now

Res: 1.6176 1.6270 1.6376
Pivot: 1.6070
Sup: 1.5976 1.5870 1.5776
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USD/CHF

During the previous trades, the pair formed the harmonic pattern AB=CD by completing the rib CD at the support level 0.8600 so it is expected that the pair will correct its direction targeting the resistance level 0.8885 which represents the point B for the pattern and if the pair held above this level it will target the resistance level 0.9086 which represents the point C.

The stability of these expectations requires the stability of the resistance level 0.8885.

Res: 0.8830 0.8896 0.9006
Pivot: 0.8720
Sup: 0.8654 0.8544 0.8478
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USD/CAD

The USD/CAD pair rose previously after reaching 0.9888 level that represents the target of breaking the bottom line for the symmetrical triangle forming a bearish channel for the past medium and long periods, to reach currently 1.0010 level, it is expected that the pair will continue falling during the upcoming trades in order to retest the support level 0.9875 which if the pair was able to pass it will target the support level 0.9790, with a chance that the pair may retest the nearest resistance levels such as 1.0040 then 1.0140 coinciding with the channel top line.

Res: 1.0041 1.0089 1.0153
Pivot: 0.9977
Sup: 0.9929 0.9865 0.9817
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AUD/USD

The AUD/USD pair rose to the level 1.0630 as it was expected yesterday, that level coincides with the bottom border of the bullish channel in which the pair is moving, the pair failed to break this resistance level which led the pair to decline again breaking the support level 1.0490 followed by breaking the top border of the bullish channel, it is expected that the pair will continue declining targeting the support level 1.0350 which represents the target of breaking the bottom border of the bullish channel.

The stability of these expectations requires the stability of the resistance level 1.0360.

Res: 1.0661 1.0793 1.0870
Pivot: 1.0584
Sup: 1.0452 1.0375 1.0243