FX.co ★ Daily trading forecasts for March 8, 2013

EUR/USD: There is a serious reversal on the EUR/USD right now, and if it continues for the next 24 hours, the current bearish scenario may be over. Since not all indicators in the 4-hour chart have supported this reversal, we need to wait for further confirmation.

USD/CHF: The reversal on the USD/CHF is not as serious as that of the EUR/USD. Though the Williams’ Percent Range appears to be falling downwards, the bullish bias is still intact. The price is not supposed to go below the support line of 0.94000.

GBP/USD: Contrary to what is expected of the GBP/USD (in positive correlation to the EUR/USD), the pair continues to come down. All indication in the chart points towards the accumulation territory at 1.5000. This territory is supposed to be breached to the downside.

USD/JPY: This is a bullish market, and it has risen by around 170 pips this week. The next target to be broken to the upside is the price level at 95.00. After this is done, the USD/JPY can target the supply level at 95.50.

EURJPY: The EUR/JPY did break out of its tight range on Thursday, albeit in the favor of buyers. The price broke the market zone at 122.00 to the upside and has gone up by more than 250 pips! Now, there is a Bullish Confirmation pattern in the chart, and this should continue.

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