FX.co ★ Daily Trading Forecasts (December 13, 2012)

EURUSD: There is a minor retracement on this pair – bearish in nature. This is understandable since the pair is not expected to go in a straight line. Right now, the price is staying above the line at 1.3050. If the bullish pressure resumes, it might reach the resistance line at 1.3100.

USDCHF: The support level at 0.9250 has rejected further bearish plunge, albeit temporarily. When the price resumes its southward bias, it could break that support level to the downside, going towards the level at 0.9200. The trend remains bearish.

GBPUSD: This pair, which presumably should be weak in December of every year, is now retracing downwards in the context of the current bullish scenario. The bullish scenario is still valid, though the Williams’ % Range is showing an overbought situation. The accumulation zone at 1.6100 should halt any further bearish retracement.

USDJPY: The USDJPY pair is relentless in its bullish effort. The RSI period 14 is already over the level 70 (overbought condition). The territory at 83.50 is under attack; the next target will be the supply at 84.00, after the market breaks the territory at 83.50 to the upside.

EURJPY: This cross is also relentless in its northward journey. Like most other JPY pairs, this move has been significant (more than 250 pips right now). The price zone at 109.00 has even been breached to the upside, and the next supply zone to be tested is 109.50.