FX.co ★ Daily Trading Forecasts (October 18, 2012)

EURUSD: The EURUSD went beyond the forecasted target of 1.3000 yesterday. The price is currently above that level, and would reach the resistance area at 1.3150, if the bullish pressure continues today.

USDCHF: This pair is still in a bearish mode, and if this mode continues, the support level might be breached today 0.9200. However, there is also a possibility of a retracement back to 0.9250 – something that is expected to be temporary.

GBPUSD: This is yet a bull market. The Cable now experiences some difficulty around the price zone at 1.6150, but it also could reach the distributing zone at 1.6200. The recommended trade here is a long trade.

USDJPY: As it was expected, the USDJPY pair reached the target of 79.00 and broke it on the upside. The pressure is still bullish, as the price continues to show more determination towards the next. It is possible that the target at 79.50 be reached today or tomorrow.

EURJPY: So far this week, the EURJPY pair has moved up by more than 240 pips. The price is currently above the price level at 103.50 trying to reach the supply zone at 104.00. This would be the ultimate target for this week.