FX.co ★ Daily Trading Forecasts (November 7, 2012)

EURUSD: Here, we can see that further bearish attempt has been rejected at the support line of 1.2800. Much hesitation occurred around this level before the market corrected on the upside. The RSI period 14 is heading up from its oversold territory, but given the position of the EMAs, it can be said that the bearish trend is still intact.

USDCHF: Now the USDCHF pair has some difficulties in breaking the resistance level at 0.9450 on the upside. The price is currently in a correction, as the RSI 14 period heads down from the overbought region. The bullish signal is still valid.

GBPUSD: While the Williams’ % Range is trying to leave the oversold zone, the market price itself is trying to have some upward reversal. The price is reverting back to that important level at 1.6000, making an attempt to breach it upwards. Nevertheless, the sell signal is still intact.

USDJPY: On this market, the EMA 56 is a kind of demand territory, as the price has consistently refused to go down below it. Buyers are advised to trade on this market with some caution (the trend is over soon). But for now the bullish trend is still holding.

EURJPY: The current development on this cross poses a precarious condition to the new sell signal generated on it. The supply zone has been breached on the upside 103.00, as the Williams’ % Range points upwards. If this development continues further today, the present bearish signal is rendered invalid.