FX.co ★ Daily trading forecasts for April 2, 2013

EUR/USD: The EUR/USD went upwards on Monday as a result of some weakness in the greenback. Nevertheless, the major outlook on this market is bearish, and any further bullish attempt has been rejected at the resistance level of 1.2850. There is no indication of the bulls supremacy here. Rather, what we have is a sell signal.

USD/CHF: This pair went downwards in its journey on Monday, but the bullish signal is still valid, though threatened. It does not look wise to go long on this pair right now, and it seems prudent to wait for further confirmation before opening a short trade. Whatever happens on Tuesday would be a determinant of the next direction in the market.

GBP/USD: There is a Bullish Confirmation pattern in the chart (something that has been valid since the middle of March 2013). The EMA 11 is above the EMA 56, while the RSI period 14 is above the 50 level. The price ought to continue its upwards journey, irrespective of any short-term bearish corrections that may come along the way.

USD/JPY: The USD/JPY plunged by over 110 pips on Monday, under serious selling pressure. Unless otherwise indicated by any superior buying pressures arising from certain fundamental factors, the price could reach the demand level at 93.00 and breach it to the downside.

EUR/JPY: This cross dropped sharply on Monday – in fact, all the JPY pairs dropped sharply. On the aforementioned day, the cross plummeted by up to 110 pips. The cross has already tested the demand level at 119.50, and it could retest it again. Should that demand zone be breached successfully to the downside, the next target would be the demand zone at 119.00.