FX.co ★ Daily trading forecasts for April 10, 2013

EUR/USD: So far, this week this pair has been moving upwards, but in order for it to continue its northward journey, the resistance line at 1.3100 ought to be broken to the upside. Should the price succeed in doing it, the next price target would be at the resistance line of 1.3150.

USD/CHF: The USD/CHF has been going in a sideways manner so far this week, though the major outlook is bearish. The indicators in the chart continue to support the bears. There is a support level at 0.9300, which must be broken to the downside before there is further southward movement.

GBP/USD: Here, since the EMA 11 is above the EMA 56, and the RSI period 14 is above the 50 level, the bias is bullish. It can be seen that, in spite of the desperation of the bears, the bulls have been able to push the price higher this week. However, the distribution territory at 1.5350 ought to be breached to the upside, for the bullish bias to continue.

USD/JPY: It has been forecasted that the weekly outlook on the USD/JPY would be bullish, but the price is not expected to go beyond the supply level of 100.00. The price could, however, touch that supply level; but there would be some bearish corrections following that incident.

EUR/JPY: Having moved upwards by over 1000 pips in less than one week, this cross is now having some difficulty in breaching the supply zone at 130.00 to the upside. This supply zone is not a good place to go long (one must wait for the price to break that price zone to the upside and close above it before taking a long position).