FX.co ★ Daily trading forecasts for February 4, 2013

EUR/USD: The EUR/USD moved by more than 200 pips last week. The outlook for this week is also bullish. The price might reach the resistance level of 1.3800, and then another resistance line at 1.3850 could be reached.

USD/CHF: The USD/CHF is likely to largely trade in a negative correlation mode to the EUR/USD. The outlook on this pair is bearish: it fell by over 220 pips last week. In spite of the current bouncing upwards from the support level at 0.9050, the price would reach the support level at 0.8900.

GBP/USD: The Cable is now difficult to handle for inexperienced traders. The General outlook is bearish, but there was an almost 200-pip rally last week. As the indicators were about to form a Bullish Confirmation Pattern, the Non-farm Payroll and other economic factors sent the Cable downwards. That is the outlook for this week.

USD/JPY: In a slow and steady manner, the USD/JPY moved upwards by close to 190 pips last week. The scenario for this week remains the same. The price is now trying to batter the market level at 93.00. The market should eventually reach the supply level at 94.00.

EUR/JPY: This is a bull market, having moved northward by more than 440 pips last week. There is still much room for a northward determination. Once the supply zone at 127.00 has been breached to the upside, the next target would be the supply zone at 128.00.