Murray Math Lines 14.07.2011 (USD/CHF, GBP/JPY, GOLD)

Analysis for July 14^th, 2011

USD/CHF

Yesterday the price made a strong downward movement, broke the -2/8 level, and the lines were redrawn. The target is still the 0/8 level at the daily chart, the level where Take Profit is. In the near term, we should expect down-trend to continue its movement.



The lines at the H1 chart are completely the same as H4. The price is being corrected at both 1/8 level and Super Trend. The correction may be finished within the next few hours and the price may continue falling down.

GBP/JPY

As we expected yesterday, the price has reached the 2/8 level, but H4 Super Trend prevents the price from breaking it. Only after the 2/8 level is broken, the target level will be 4/8. But if the price rebounds from the 2/8 level, the market may test the 0/8 or even lower levels.



At the H1 chart the 4/8 level wasn’t broken during the first test. If the price succeeds during the next test and the level is broken, then the price may continue growing up to the 8/8 level. But if the price goes back below Super Trends’ lines, this case scenario will be cancelled and we’ll try to find bearish targets.

GOLD

The price of Gold keeps growing at a time when there is a possibility of default in the USA on August 2^nd, 2011. Today I’ve opened the third buy order, and moved the stop a bit higher. The target level is still 8/8, which may be reached during the week.



Price growth is supported by hourly Super Trend. The market is trying to rebound from the 5/8 level, and if it succeeds, the price may move to the 8/8 level. I might open one or two more orders during the local corrections.