Daily Trading Forecasts - 25/11/2013

The conditions on the market are favorable to trend-followers, especially in the face of new signals and directional movements that are currently happening. For instance, the USDCHF has assumed a strong southward bias and the price could reach the support level of 0.9000 this week.

EURUSD: The EURUSD has assumed a strong northward bias and the price could reach the resistance line of 1.3700 this week. This is possible because the EMA 11 has crossed the EMA 56 to the upside while the Williams’ % Range gallivants in the overbought territory, showing the strength of the bulls.

USDCHF: The conditions on the market are favorable to trend-followers, especially in the face of new signals and directional movements that are currently happening. For instance, the USDCHF has assumed a strong southward bias and the price could reach the support level of 0.9000 this week

GBPUSD: On this pair, we have a Bullish Confirmation Pattern. The market moved upward by over 110 pips last week, closing at 1.6224. There is still much room for the price to go north, only that there could be some pullbacks along the way, which ought not to take the price below the accumulation territory of 1.6100 in worst cases.

USDJPY: Here too, the market is bullish. Yes, this is a bull market and the price would eventually test the supply level of 102.00, even possibly overcoming it. The great psychological demand level of 100.00 would act as a long-term barrier to the bears’ effort, for the price may not break that area to the downside in spite of the corrections that may happen in the course of this bullish journey.

EURJPY: This cross trended significantly upwards last week, moving upwards by more than 200 pips before closing at 137.29 on Friday. Since the bullish signal was generated a few weeks ago, the market has moved upwards by more than 610 pips. A great ride indeed!

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