FX.co ★ Daily Trading Forecasts (September 6, 2012)

EURUSD: The massive pullback that happened on Wednesday was checked by a consequent resumption in the price rally. The price is currently trading above the support level at 1.2600, and it is expected to go up.

USDCHF: This pair shows almost the opposite to what happened to its EURUSD counterpart. It is expected that the price would break the support level at 0.9550 before the bearish ride can resume.

GBPUSD: Early on Wednesday, there was a significant rally on the Cable before a minor retracement that we currently observe. The level around 1.5900 now serves as a determinant factor. If the price manages to stay above it, buyers would continue to win.

EURJPY: This cross rose significantly yesterday, and later consolidates higher. The next easy target could be the level at 99.00. The price could continue going up if this level is breached.

USDJPY: This pair still reflects the ongoing tussle between bears and bulls. Only a break above the level at 78.50 would render the current bearish possibility invalid.