FX.co ★ Daily trading forecasts (June 7, 2013)

EURUSD: The pair has moved upwards by roughly 270 pips this week. There is a vivid Bullish Confirmation Pattern on the chart, and the price could even re-test the resistance line at 1.3300. Meanwhile, any possible bearish retracement ought not to take the price below the support line of 1.3200.

USDCHF: In the opposite manner to the EURUSD pair, this pair has been trending downwards this week. Having gone down by about 300 pips, the price is now trading below the resistance level of 0.9300. For this southward determination to continue to hold, the price ought not to rally beyond the resistance level of 0.9350.

GBPUSD: The optimism surrounding the cable is inevitably getting stronger and stronger. This volatile and strongly trending instrument has moved upwards by around 400 pips so far this week. The distribution territory at 1.5700 is no longer a lofty target, for the price it would soon touch that territory.

USDJPY: This week, the USDJPY pair dropped by over 390 – a boon to the bears indeed! The price is trading below the supply level of 97.00 (it is not supposed to rally above the supply level of 97.50) during any probable short-term rally. Meanwhile, it may reach the demand zone of 96.00.

EURJPY: The cross has relinquished all it gains of the last 4 weeks! This week, it has gone south by more than 290 pips. There is still much more southward possibility in the market, amid the current Bearish Confirmation Pattern. It is possible that the price would test the demand zone of 127.50.