FX.co ★ Daily trading forecasts (April 9, 2013)

EURUSD: The EURUSD pair moved upwards on Monday, but it is now retracing lower. The indicators on the chart support the northward bias: and it is still an expectation. The bullish signal remains valid, and it is not expected to go below the support line at 1.3000. The weekly target is still at the resistance line at 1.3100.

USDCHF: This pair moved in a sideways mode on Monday, and it is currently rallying. This rally would possibly be transitory in nature, for there is still a Bearish Confirmation Pattern on the chart (the EMA 11 is below the EMA 56, while the Williams’ % Range is still very much around the oversold area).

GBPUSD: The recent weakness in the cable poses a threat to the overall bullish bias. For the current bullish scenario to hold, the price ought not to go below the territory at 1.5200. Since the indicators still give a vivid northward support, the price will be bullish this week, perhaps reaching the distribution zone at 1.5350 again.

USDJPY: This instrument went upwards yesterday, reaching the yearly high at 99.50. There is a great supply level at 100.00, and the price would not be able to break it to the upside in this week. The worst thing that can happen is for the price to touch that demand level. Right now, the price is retracing downwards.

EURJPY: On this cross there is a big and important supply zone at 130.00. When I said the weekly bias is bullish, I did not expect the price to go above this market zone (at least in this week). The price could test and re-test the aforementioned zone, but would have to pull back downwards from thence.