Daily Trading Forecasts

The EURJPY pulled back last week and is currently being stabilized. The Bullish Confirmation Pattern is still valid on the chart, and when there is a breakout again, it might be in favor of the bulls…

EURUSD: Despite the failure to breach it in recent times, this pair is going again towards the resistance line of 1.3800. The resistance line may be eventually challenged and possibly overcome to the upside, especially with the continuation of the dominant buying pressure on in the market.

USDCHF: Despite the failure to breach it in recent times, this pair is going again towards the support level of 0.8850. The support level may be eventually challenged and possibly overcome to the downside, especially with the continuation of the dominant selling pressure on in the market.

GBPUSD: In contrast to what the EURUSD is doing, the Cable (which ought to be in a positive correlation with it), is now in a negative correlation with it. However, the bears need to be cautious here; because the southward attempts of the price would be sensible only when the price is below the EMA 56. Anything that pushes the price above the EMA 56 or makes the RSI period 14 go above the level 50 would render the bearish signal invalid.

USDJPY: This currency instrument is also experiencing some price stabilization right now. The bullish outlook remains sensible – though under some threat. Given the position of the RSI, it is better to wait for it to cross the level 50 to the upside before one goes long.

EURJPY: The EURJPY pulled back last week and is currently being stabilized. The Bullish Confirmation Pattern is still valid on the chart, and when there is a breakout again, it might be in favor of the bulls…

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