Daily Trading Forecasts for September 10, 2013

The JPY pairs started this week with upwards gaps, and since then, they have been making bullish attempts.

EURUSD: This pair has rejected the recent bearish threat on it. The price moved upwards on Monday, breaching the resistance line at 1.3250 to the upside and trading above it. The Williams’ % Range has supported a bullish signal, but the EMAs are yet to do that, and therefore, it would be nice to wait for a confirmation of the new bias before opening orders.

USDCHF: The USDCHF suddenly experienced some weakness which dragged its price towards the support level of 0.9300. Should the support level be breached to the downside, and move towards the level at 0.925o, the bearish outlook would be over. Meanwhile, it would be better to wait for the EMAs to support what the Williams’ % Range is doing. Then, one could sensibly take a position.

GBPUSD: The Cable – which has been maintaining its stamina when its EURUSD counterpart was weak – would now find it very much easier to trend northward. When the Greenback was strong, the pair did not go down; so when the Greenback is now weak, the pair would easily trend upwards. The initial target remains at 1.5700.

USDJPY: The JPY pairs started this week with upwards gaps, and since then, they have been making bullish attempts. Out of all the available JPYs, it was only the USDJPY that traded downwards following the gaps-up, but it is currently trying to bounce upwards.

EURJPY: In spite of the recent momentous volatility on this market, it was able to check any bearish attempts on it. The price moved upwards by 115 pips on Monday, resulting in a Bullish Confirmation Pattern which portends a bullish bias.

Source: www.instaforex.com

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