Daily Trading Forecasts - 2/12/2013

Most JPY pairs seem overbought and it looks like there could be some reversals soon. Yes, there could be reversals this week, but the markets may still go further upwards, especially if there are certain bulls who are interested in going long at the current prices.

EURUSD: This is a bull market – slow and steady in nature. The tardy movement brought the price to the resistance line of 1.3600, before the price closed at 1.3590 on Friday. The current reversal in the market is weak and it is not supposed to take the price below the support line of 1.3500, before the market resumes its upwards journey from there.

USDCHF: This is a bear market – slow and steady in nature. The tardy movement brought the price to the support line of 0.9050, before the price closed at 0.9075 on Friday. The current reversal in the market is weak and it is not supposed to take the price above the support line of 0.9100, before the market resumes its downwards journey from there.

GBPUSD: The Cable should continue going upwards this week, reaching the distribution territory of 1.6400. There is a Bullish Confirmation Pattern on the chart which supports this outlook.

USDJPY: Most JPY pairs seem overbought and it looks like there could be some reversals soon. Yes, there could be reversals this week, but the markets may still go further upwards, especially if there are certain bulls who are interested in going long at the current prices. Thus, in spite of the possible reversal along the way, the USDJPY may reach the supply level of 103.00 this week.

EURJPY: This market has been trending upwards by more than 750 pips (since the bullish signal was generated earlier this week). There were reversals along the way, and the probable reversals that are coming should not be a surprise. It is possible for the price to test the supply zone of 140.00 soon, and possibly breach it to the upside.

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