FX.co ★ Daily trading forecasts for February 28, 2013

EUR/USD: The bearish outlook on this pair still holds, in spite of the current short-term rally. The price is not supposed to go above the resistance line of 1.3200 (for this outlook to be valid). As long as the price stays below the EMA 56, the bearish possibility remains. One could seek only for short trades.

USD/CHF: It has been said earlier that the bull’s journey on the USD/CHF has been very slow. This tardiness does not make the current outlook extremely interesting, but the outlook still holds. It can be seen that the Williams’ Percent Range still hovers around the overbought area. As long as the price stays above the EMA 56, the outlook is valid.

GBP/USD: This is a bear market – irrespective of the current short-term rally (which is not expected to last too long). It is unlikely that the price would break the distribution territory at 1.5200 to the upside. Conversely, this territory could be a good point of sale in the market.

USDJPY: The USD/JPY has been very volatile lately, following the significant bearish run that was experienced on Monday. There is a slight bullish run in the chart, but the longer-term outlook is bearish, as long as the price stays below the EMA 56, and the RSI 14 is below the 50 level.

EUR/JPY: Just like other JPY pairs, this cross is also volatile. Generally, there has been no clear direction in the market, but it has been consolidating to the upside. As long as the price stays below the EMA 56, and the RSI stays below the 50 level, the bearish possibility holds.