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

EUR/USD: As it was forecasted, this pair has continued to move upwards, while the indicators confirm the current bias. The price line at 1.3200 has already been tested and violated, so the price should not find it difficult to go towards the resistance line at 1.3300. There is thus a Bullish Confirmation pattern in the chart.

USD/CHF: This market shows a confirmed bearish bias, and the support level of 0.9250 is now under siege. The EMA 11 is below the EMA 56, while the Williams’ Percent Range is already in the oversold region. All these indicate that the market is weak. The ultimate target is the support level at 0.9200.

GBP/USD: The Cable has continued to showcase some strength – an outlook that is supposed to continue to be valid. The bulls’ stamina is very strong: the price is now attacking the market territory of 1.5600, and in the face of this fact, the price could go towards the distribution territory at 1.5650.

USD/JPY: The sell signal on the USD/JPY continues to be valid, given the fact that the USD is presently weak and the JPY is not willing to lose the present stamina. But, generally, it could be said the price is ranging. When the price goes out of this range, it may move downwards.

EUR/JPY: The instrument is still in some tight range, without making significant upward or downward moves. This is a flat market, from which one may stay away for now. However, when a trend resumes, it could be to the downside. The demand zone at 127.00 should be the ultimate target, especially in this week. The demand zone at 127.00 might be breached to the downside very soon.