FX.co ★ Daily Trading Forecasts (October 5, 2012)

EURUSD: The trend is up and the price still stays above the level at 1.3000. This pair has moved up by around 200 pips this week. The next target remains 1.3050.

USDCHF: The trend is down, as the pair has gone down by over 120 pips this week. The price is currently resting on the accumulation territory at 0.9300. If the price succeeds in breaking that barrier to the downside, the next target would be 0.9250.

GBPUSD: The Cable that traded lower from Monday changed direction on Thursday. It has recovered this week’s loss. The resistance level at 1.6292 is currently besieged, and it stands to be violated to the upside.

EURJPY: There is an uptrend on EUR/JPY. The market has moved up by more than 230 pips this week, and the current bearish correction might give an opportunity to enter the market at a better price, e.g. 101.00.

USDJPY: This instrument is also in an uptrend. But right now, there are volatile bearish attempts in the market. Should bears prevail, the price may fall towards 78.00; and should bulls prevail the next target could be 78.50.