FX.co ★ Daily Trading Forecasts for November 28, 2012

EURUSD: There was a moderate bearish correction on this pair yesterday, but the bullish outlook remains valid: the EMA 11 is still above the EMA 56. The RSI 14 period is also above the 50 level, despite pointing downwards. Hopefully, this bearish correction would be checked at the support line of 1.2900.

USDCHF: There was a moderate rally on the USDCHF, though the bearish outlook remains extant. The EMA 11 is below the EMA 56, and the RSI 14 period is below the 50 level – in spite of its heading upwards. Further rally in this market is expected to be checked at 0.9350.

GBPUSD: The Cable is still in a conspicuous equilibrium phase. This is expected to continue until there is a break below the accumulation zone at 1.6000 or distribution zone at 1.6050. It is highly possible that the accumulation zone at 1.6000 would check any further bearish threat. The bullish signal is still valid in the chart.

USDJPY: The market still consolidates as the price remains above the EMA 56. The RSI 14 period also still stays above the 50 level. This means that an upward break above the supply territory at 82.50 is still more probable. The demand territory at 82.00 is still expected to check any bearish threat effectively.

EURJPY: In this bullish market, the EMA 11 stays above the EMA 56, as the market keeps moving sideways. The Williams’ % Range is trying to head down, showing that bears are trying to gain some influence in the near-term. The price is not expected to dive below the zone at 106.00. A rise in the price is anticipated.