Murray Math Lines 13.07.2011 (GBP/JPY, USD/CHF, GOLD)

Analysis for July 13^th, 2011

GBP/JPY

The price has reached the target 0/8 level and rebounded from it twice, thus indicating the importance of this level. The first target for bulls is the 2/8 level, and a daily Super Trend as well. If the price breaks both of these levels, it will be able to move to higher targets.



At the H1 chart the price has also rebounded from the 0/8 level twice, and it is a sign of the correction, at least. Now the price is at the 2/8 level and runs into hourly Super Trend. If these levels are broken, the target will be the 4/8 level.

USD/CHF

At the daily chart we can see a very strong descending trend, the price is at the 2/8 level. This level is quite weak, reverses hardly ever occur here. That’s why is this level is broken, the main target for bears will be the 0/8 level.



The price is trying to break the 0/8 level at the H4 chart. Taking into consideration the daily chart, we may suppose that the level will be unable to resist bears and will be broken. The price may keep moving to the -2/8 level and break it. After that, the lines will be redrawn.

GOLD

The price started to grow again, as we predicted in yesterday’s review. When the price rebounded from 4 hour Super Trend, I opened a buy order, and this morning, after the correction added more. The stop was moved to the level of opening of the first order. Take Profit for both orders is at the 8/8 level.



The lines at the H1 chart are the same as H4. The correction started at the level of hourly Super Trend during the night, and it was a signal to open the second order. The forecast is still bullish, the price may continue to grow.