FX.co ★ Daily Trading Forecasts (December 10, 2012)

EURUSD: There is a bearish signal on the EURUSD pair – something that is expected to continue this week. The EMA 11 has crossed the EMA 56 to the downside, while the RSI 14 period has crossed the level 50 to the downside. The price could reach the support level at 1.2850 this week.

USDCHF: There has been an indication to go long on the market. The pair is now above both the EMA 11 and 56, as the RSI stays above the level 50. The price is projected to reach the resistance level at 0.9400 this week.

GBPUSD: Following a period of consolidation last week, this pair broke downwards with panic selling, and given the continuation of the selling pressure the long-term bullish scenario has been rendered invalid. Since it is expected that the bearish pressure will continue, a bearish confirmation pattern is awaited; after which a short trade will be opened.

USDJPY: The USDJPY pair keeps on going in a range – though the upward scenario is still valid. As long as the price stays above the EMA 56 and the RSI period remains above the level 50, the bullish possibility holds. If the price falls below the EMA 56, it will be a bearish signal.

EURJPY: The EURJPY pair is also going downwards as the bullish outlook is being threatened. The Williams’ Percentage Range is in the oversold condition. If it continues, a ‘sell’ signal will be in place.