Daily Trading Forecasts

In the context of an uptrend, the USDJPY has experienced a pullback. Nevertheless, the pullback is expected to be transient.

EURUSD: The market is in a kind of consolidation, though the bullish domination is still very clear. When the price does rally again, it would easily break the resistance line of 1.3600 to the upside, while it goes further upwards towards the resistance line of 1.3650. At this time, the Williams’ % Range is coming out of its oversold territory.

USDCHF: The market is in a kind of volatility (with upswings that are followed closely by downswings), though the bearish domination is still very clear. When the price does dip again, it would easily break the support level of 0.9050 to the downside, while it goes further downwards towards the support level of 0.9000. At this time, the Williams’ % Range is coming out of its overbought territory.

GBPUSD: The GBPUSD is currently rallying in spite of the pullback it experienced on Monday. The Bullish Confirmation Pattern on the chart remains intact; and the price could challenge the distribution territory of 1.6450, even possibly overcoming it. There is a barrier to the wishes of the bears at the accumulation territory of 1.6300.

USDJPY: In the context of an uptrend, the USDJPY has experienced a pullback. Nevertheless, the pullback is expected to be transient. Some speculators prefer to put their stops at the demand level of 102.00 for this week. As long as the price stays above that level, the bulls reign.

EURJPY: The currency trading instrument here too is having a bullish bias – something that has been going on for weeks. There would often be pullbacks along the way, and therefore, the current pullback is simply a temporary pause in the bullish momentum.

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