Daily Trading Forecasts (October 22, 2012)

EURUSD: This pair – which was largely bullish last week - has resumed its northward journey. The nearest target at the upside is 1.3100. If it is broken towards the north, the nearest target would be 1.3150, especially if this bias continues.

USDCHF: This pair was bearish last week, and this week it could continue the trend. The nearest support level is 0.9250. If it is broken on the downside, the price may reach the level at 0.9200 eventually. A short order is preferred.

GBPUSD: The Cable itself is eventually forced to comply with what is happening with the USD. Last week was bearish for this pair; it gave up all its gains. We can now see that the price has now started making a bullish attempt. The accumulation zone at 1.6000 remains strong, psychological, and decisive.

USDJPY: It could be seen that the bullish pressure on the JPY pairs is very strong right now. On USDJPY, the bias was bullish last week, and it is something that has continued up till now. This has a tendency to continue this week, and therefore, the supply territory at 80.00 is not a lofty target.

EURJPY: The yen is really weak; as can be observe right now. Last week was bullish, and this week will probably be the same. The bullish pressure has resumed again; the price has moved up by more than 100 pips today. The market may reach the supply zone at 105.00 this week.