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

EURUSD: The recent rally on the EURUSD pair was halted at the resistance line at 1.3000. The price now hovers above the support line around 1.2950. The fact that the RSI 14 is still above the level 50 suggests a bullish possibility, but it would be prudent to stay out of this market until a clearer signal is generated.

USDCHF: Further bearish plunge was checked. The price now stays above the level at 0.9300. The RSI period 14, which is below the level 50, still shows some bearish presence. However, whatever may influence the pair. Right now, the situation remains unclear.

GBPUSD: Rather than falling to the south, the cable traded in a tight range yesterday. There is a distribution zone at 1.6150 and an accumulation zone at 1.6100. If the price breaks above the zone 1.6150, it would show a bullish continuation; whereas a break below the accumulation zone at 1.6100 would signal a bearish reversal.

USDJPY: At last, this market breached the supply territory at 80.00 to the upside. The latest candle on the chart shows a strong bullish determination. The EMA 56 and the RSI 14 also support this bullish determination. If the market continues doing likewise, the next price target would be the supply territory at 80.50.

EURJPY: Just like USDJPY, the EURJPY cross also shows some bullish strength. The price seems to have decided to test the supply zone at 104.00. The Williams’ % Range in the overbought territory gives a warning of a possible pullback in the near term. The immediate demand zone is at 103.50.