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

EUR/USD: The market trended northwards last week, hitting the resistance line at 1.3300 before its current pullback. The pullback is not supposed to pull the price backwards below the support line at 1.3150. This means it is expected that the market would continue going northwards.

USD/CHF: This pair went seriously downwards last week, testing the support level at 0.9250. From there, the price has bounced upwards. Nevertheless, the upward bounce is expected to be transient – since it proffers a nice shorting opportunity. This week, it is probable that the price would continue to trend downwards.

GBP/USD: The Cable (which has some optimism around it) trended seriously upwards last week. The price broke the distribution territory at 1.5650 to the upside, but it could not stay above the territory as a result of the present bearish correction. It is still possible that the price goes towards the distribution territory at 1.5700.

USD/JPY: Irrespective of the rally in the chart, the USD/JPY is still a weak market. The price remains below the EMA 56 and the RSI is below the 50 level; so it can be said that the current rally gives an indication of selling in the context of the downtrend. The price may still go downwards to test the demand level at 95.00 again.

EUR/JPY: The outlook on this cross is simply identical to that of the USD/JPY (and of course, other JPY pairs). This cross has been marked with great volatile turbulence. For example, on Friday, it experienced a counter-trend move of roughly 300 pips from the weekly low of 126.17. This is however, a nice chance to sell more expensively in the bear market.