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

EUR/USD: The EUR/USD has lost all the gains it saw in this week when it nosedived. There is a bearish signal in place and the price could go downwards towards the support line at 1.3000. It would not be difficult for the price to reach that target, after which the price would go further downwards.

USD/CHF: This pair has moved so far by close to 150 pips in this week. There is a Bullish Confirmation Pattern on the chart, and the price would eventually go further upwards by bypassing the market level at 0.9500. In spite of any possible corrections, only long positions should be sought here.

GBP/USD: This instrument has already lost all its gains in this week. The short-term trend has turned bearish (the EMA 11 has crossed the EMA 12 to the downside and the RSI period 14 has gone below the level 50). The next price target is around the accumulation territory of 1.5400.

USD/JPY: The USD/JPY has broken out northwards out of the recent consolidation phase. The year 2009 was the last time the pair traded above the 100.00 level. The price has moved upwards by over 200 pips this week. This seems to be the beginning of a long bullish journey, for the barrier at 100.00 has been done away with.

EUR/JPY: Breaking out of the recent consolidation phase, the pair is now caught in a serious buying pressure. It had been said that there was a possibility that the price might broke upwards when the recent consolidation phase ended. That’s exactly what has happened, so further bullish run is expected.