Daily Trading Forecasts for September 27, 2013

This week is best described as being indecisive and turbulent, as far as the dominant biases are concerned.

EURUSD: The EURUSD is in a bullish mode, but not really decisive in its movement. The price even could not touch the resistance line at 1.3550, although there is possibility that the line would be tested on Friday or next week, should the current northward scenario continue.

USDCHF: This pair is in a bearish bias, but it could be said that the price also has moved in a range till now. Should the price experience any break out of the range, it could mean the breach of the recalcitrant support level at 0.9100 to the downside. The ultimate target is at the support level of 0.9000.

GBPUSD: The GBPUSD, which is noted for large moves and strong trends, has also not gone seriously upwards this week (though the dominant bias is bullish). As it was said earlier, there is no reason to go short right now, as long as the price trades above the accumulation territory of 1.5900.

USDJPY: This week is best described as being indecisive and turbulent, as far as the dominant biases are concerned. The situation on this currency instrument is thus no different. It is better to stay away from this market until ‘who’ win are known – whether the bulls or the bears.

EURJPY: On this cross, the bulls made serious effort that has been rendered ineffectual by the bears. The effort to push up the price by Smart Money has been frustrated, and the bears are not that victorious either. The bears cannot be termed as winners until the price breaks the demand zone of 133.00 to the downside.

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