FX.co ★ Daily trading forecasts (April 11, 2013)

EURUSD: The EURUSD pair has gone upwards by more than 130 pips this week. Even any fundamentals from the Eurozone only help push up the price, and any bearish corrections on the chart prove to be temporary – giving opportunities to buy at better prices. The price is now above the support level of 1.3100 and may go towards 1.3150.

USDCHF: So far, this instrument has gone downwards this week, albeit reluctantly. The support level at 0.9300 is currently under siege, it has been tested for several times. The price might overcome that support barrier and go towards the next support level at 0.9250.

GBPUSD: The cable is now relentless in its northward effort – having gone upwards this week. There is a weekly low at 1.5238, and it is unlikely that the price would test that low again, at least this week. Meanwhile the price could go towards the distribution territory of 1.5400.

USDJPY: There is still a very serious Bullish Confirmation Pattern on this chart. The price has moved forward by close to 150 pips this week, and there is a possibility that it could reach the supply level at 100.00. There is going to be some difficulty in breaking this level to the upside.

EURJPY: The EURJPY pair (including the GBPJPY pair) has gone beyond expectation this week. This cross has trended upwards by more than 320 pips: it has broken the psychological level at 130.00 to the upside. With determination in the direction of the bulls, the price would reach the supply zone of 140.00, even if there would be some retracement after that.