FX.co ★ Currency Markets Review (October 31, 2012)

EURUSD: There was some bullish pressure in this market. This really poses some threat to the current bearish signals. If the price reverts towards the resistance line at 1.3000 and breaks it upwards, it may lead to an invalidation of the current scenario.

USDCHF: The USDCHF pair has experienced some bearish pull – dragging the price towards the support level at 0.9300. We can see that further bearish pull was rejected at this level. This could give buyers a good opportunity to go long at a cheaper price.

GBPUSD: The cable seems to be headed towards the distribution zone at 1.6100. This zone itself could trigger a new shorting opportunity if it rejects further bullish threats. It is better to stay aside while a stable direction is confirmed.

USDJPY: The northwards scenario on this market is still valid, since more southwards possibility has been rejected even before the price reached the demand territory at 79.00. The price has been going on since then. It currently trades above the EMA 56.

EURJPY: The new shorting possibility on this cross is currently threatened. You have to wait for a clearer signal, as it would be a kind of presumptuous to go long here. It can be seen that the William’s % Range is heading up from its overbought region; hence the present development on the price is observed.