FX.co ★ Daily trading forecasts for January 29, 2013

EUR/USD: Although it moved sideways on Monday, the EUR/USD still has northward determination. The pair is thus expected to move upwards this week, either slowly or quickly. Irrespectively of a possibility of a temporary pullback, the price could reach the resistance line at 1.3500.

USD/CHF: It is not safe to open a long order on this market. Last week, it was advised to wait for a clearer confirmation before assuming a new order. Now, the probability in the price movement is downside. The price could reach the supply level at 0.9200 this week.

GBP/USD: Since January 14, the cable has dropped by more than 400 pips. The outlook for this week also remains bearish. The EMA 11 is below the EMA 56 (while the price is far below them), with the RSI period 14 below the level 50. The price is now below the accumulation territory of 1.5200.

USD/JPY: Here, the northward probability is great and extant. The price is above the EMA 56 and the RSI period 14 is above the 50 level. Despite the bearish retracement that occurred on Monday, the price would still possibly go upwards. Should the supply level at 91.00 get broken to the upside, the next target would be the supply zone at 91.50.

EUR/JPY: The EUR/JPY is also still in a bullish mode, no matter what the bears are now doing in the near term. The EMA 11 is above the EMA 56, as the RSI period 14 is above the 50 level. This week, the price should not find it difficult to break the supply zone at 123.00 to the upside.