Daily Trading Forecasts for September 9, 2013

The fundamentals that were released on Friday, September 6, 2013 caused some corrections in the markets, but the dominant biases are still valid.

EURUSD: The dominant bias on this pair is bearish, and the bullish attempt that was brought about on Friday could encounter an immediate check at the resistance line of 1.3200. This week, it is more likely that support line of 1.3100 would end up being tested; even possibly breached to the downside.

USDCHF: The USDCHF went upwards last week. Getting to the resistance level of 0.9450 (which was tested a few times), it went downwards by 100 pips. Interestingly, the downward move was checked at the support level of 0.9350, from which the price bounced upwards. The support level is an immediate check to the current bearish attempt.

GBPUSD: This recalcitrant currency instrument has been turbulent, though going upwards steadily. The Bullish Confirmation Pattern on the chart affirms the possibility of the price going upwards. It is reasonable to continue to hold on to the possibility of the price reaching the distribution territory of 1.5700.

USDJPY: The fundamentals that were released on Friday, September 6, 2013 caused some corrections in this market, but the dominant bias is still valid. On the USDJPY, the price peaked at the demand level of 100.00 and went down spiraling, touching the demand level at 98.55. There could be a jeopardy to the bullish interest should the price go below that demand level.

EURJPY: From the supply zone of 132.00, the cross has nosedived by almost 200 pips. This price action is a serious threat to the bullish outlook, which would be rendered invalid should the price go further south.

 

Source: www.instaforex.com

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