FX.co ★ Daily Trading Forecasts (November 29, 2012)

EURUSD: The condition of the EURUSD pair requires some tact, as it is true of other pairs and crosses. Bearish attempts have always been contained; no matter how serious they looked. The bullish possibility in the market is still valid. The price is currently above the line at 1.2950 and may go to the resistance line at 1.3000 today.

USDCHF: On this pair too, the short-term northward rally was checked, and the price moved downward. The bearish signal is still intact. The price is below the resistance level at 0.9300 and may reach the support level at 0.9250 today.

GBPUSD: On Wednesday the recent serious bearish pull that happened on this market was rejected just below the line at 1.6000. Right now, the price is above this aforementioned accumulation zone – which will be properly described as a range, especially in relation to the 1.6050 distribution zone. The bullish signal is still intact.

USDJPY: Generally, the consolidation on the USDJPYpair in this week has been to the downside so far. It was so protracted that the RSI 14 period gave an indication of a bearish possibility; something that was not confirmed by the EMA 56, which acted as a barrier to further southward pull. As long as the price remains above the EMA, the bullish bias is sensible. A rise in the price is anticipated. The price seems determined to stay above the territory at 82.00.

EURJPY: This week the bearish correction on the EURJPY pair was serious enough; it was up to 130 pips. This was indicated by the Williams’ % Range which reverted into the oversold territory. Since the EMAs still show a bullish possibility, the price stays above the demand zone at 106.00, and may break above the zone at 106.50, as it goes upward to the zone at 107.00.