Daily Trading Forecasts for August 26, 2013

The JPY pairs ended with bullish bias last week, and this is expected to continue.

EURUSD: On Friday, this pair closed at 1.3381, in a bullish mode. There is still much room for the price to continue going upwards; possibly touching the resistance line of 1.3450 – even breaching it to the upside. For this outlook to remain extant, the expected bearish pulls along the way ought not to make the price go lower than the support line at 1.3300.

USDCHF: This currency instrument also has the capacity to continue trending downwards, following the recent rally in the context of a downtrend. The bearish pull may end up bringing the price to test the support level of 0.9150, and probably breaching it to the downside, provided the selling pressure continues to be strong.

GBPUSD: There are mixed signals in this market and it could be sensible to stay away until there is a dependable signal. It is either the RSI period 14 goes above the level 50 to support a bullish signal, or the price breaks the EMA 56 to the downside to support a bearish signal.

USDJPY: This pair remains a bull market, which could go on towards the supply level at 100.00 in this week. The bearish threats that could happen along the way may not take the price below the demand levels of 98.00 and 97.50 respectively. A perpetual movement of the price above the EMA 56 will continue to signify the presence of more bulls.

EURJPY: The EURJPY moved upwards by roughly 230 pips last week. The price almost tested the supply zone at 132.50; and that would be the happening that is expected soon. The supply level at 133.00 would also be reached as long as the momentum continues to increase in favor of the bulls.

Source: www.instaforex.com

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