FX.co ★ Daily Trading Forecasts (October 1, 2012)

EURUSD: EURUSD is showing some weakness as the pair finds it difficult to move upwards. A short trade is sought here: the price is below the EMA 21.

USDCHF: This pair has clearly rejected bearish propensity - at least in the near-term. A long trade is expected to be opened, since the price is above the EMA 21.

GBPUSD: Despite their obstinacy, the bulls were forced to give up their stranglehold on this market. If the market continues to move below the EMA 21, then a new southward position is confirmed.

EURJPY: EURJPY cross is still moving sideways - without giving a clear direction. One would need to stay out of this market right now, until a clear signal is generated.

USDJPY: This pair saw mixed results last week. All the gains made by sellers were reversed by a bullish breakout that occurred last Friday. The bullish rally would be confirmed (not as a false breakout) when the EMA 11 crosses its EMA 56 counterpart to the upside.