Daily Trading Forecasts for August 30, 2013

The USDCHF has gone upwards this week. Having moved upwards by over 100 pips, the next resistance level to be breached is 0.9350.

EURUSD: This pair has moved downwards by more than 150 pips in this week. Trading below the resistance line of 1.3250, the next price target may be the support line at 1.3200. It should be noted that the resistance line at 1.3300 is a serious barrier to any bullish threats.

USDCHF: The USDCHF has gone upwards this week. Having moved upwards by over 100 pips, the next resistance level to be breached is 0.9350. Meanwhile, the support level at 0.9250 is expected to be a check to any bearish pulls along the way. The fact that the Williams’ % Range is in the overbought region suggests possible bearish pulls.

GBPUSD: This market, which is in an equilibrium phase, has also remained a bear market. This means that the equilibrium phase is a type that allows some movement to the downside. The Bearish Confirmation Pattern on the chart means that the price could fall downwards further, towards the accumulation territory of 1.5400.

USDJPY: This market is not attractive right now because of the recent signals that are short-lived rather than sustained. This week, the loss the market experienced has been recovered by the current bullish attempt. There are no safe signals on the chart now and it looks logical to wait for a clearer direction before taking any position.

EURJPY: There has been a consolidation to the downside on this cross. In spite of the recent sideways movement and bullish attempt, the bearish outlook remains a valid thing. On the chart, it can be seen that the price has been trending downwards, reaching out towards the demand zone at 129.50.

Source: www.instaforex.com

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