FX.co ★ Daily trading forecasts (May 8, 2013)

EURUSD: So far this week, it could be said that the EURUSD pair has moved in a range. Right now the price is consolidating, though the bulls are making effort to push the price upwards. One needs to stay aside until a clearer direction is seen.

USDCHF: The bullish signal on the USDCHF pair is still valid, though the bears are posing a serious hindrance to the bullish outlook. For this bullish bias to remain valid, the price ought not to go below the support level at 0.9350. Apart from this, the price could go upwards.

GBPUSD: In a context of an uptrend, the cable has been trending downwards since Monday. This is serious to the extent of making the RSI period 14 go below the level 50, but the EMAs are yet to support any bearish outlook. One may need to buy as the price retraces towards the accumulation territory at 1.5450.

USDJPY: Here, the outlook is towards the north, but the price has been unable to follow suit. In fact, the price has been moving downwards slowly and steadily. Nevertheless, the outlook remains bullish and the indicators on the chart confirm this. There is a demand level around 98.50.

EURJPY: Interestingly, this cross has managed to remain in the bulls’ territory, in spite of the current equilibrium forces in the market. A long trade is still preferred, and the price is not expected to go below the demand zone at 129.00. The weekly target remains at the supply zone of 131.00.