FX.co ★ Daily trading forecasts (May 1, 2013)

EUR/USD: There is a bullish confirmation pattern on this market, and the pair should keep on going towards the north. So far this week, the price has risen by over 120 pips. The next target could be the resistance line at 1.3200. There would be some struggle between the bulls and the bears before the resistance line could be breached to the upside.

USD/CHF: Just in the exact opposite manner to the EUR/USD, this pair is in a bearish mode and it has dropped by over 120 pips this week. The pair is currently active around the market level of 0.9300, but it should trade far lower than that level for the current bearish outlook to remain sensible.

GBP/USD: This is a bull market which started last week. This week, however, the price has not gone upwards by up to 100 pips. The present barrier to buyers’ interest is the price territory at 1.5550, and the price must breach this territory upwards so that further journey towards the north can happen.

USD/JPY: The "sell" signal on this currency instrument remains valid. The EMA 56 is above the price and the RSI period 14 is below the level 50. There is still some downwards determination on the market (since last week). The next demand level to be battered is the one at 97.00.

EUR/JPY: This cross continues to be a flat market so far. On the chart, however, the indicators are still in support of the sellers. The demand zone at 127.00 should be the ultimate target, especially in this week. Rumour: the demand zone at 127.00 would be breached to the downside very soon.