FX.co ★ Daily trading forecasts (June 18, 2013)

EURUSD: In the current equilibrium phase, the bullish bias is still on. So when the price resumes its significant move, it ought to be towards the north. The price is going towards the resistance line of 1.3400 – which is not a lofty target. The resistance line would probably be breached to the upside sooner or later.

USDCHF: This is a bear market, in spite of the current equilibrium zone. It is also possible that the price would break the support level of 0.9200 to the downside when volatility rises again in the market. Meanwhile, the price action and the position of the indicators still confirm the bearish possibility.

GBPUSD: The cable has also moved sideways so far this week. This action is understandable because the price must pause at some time during its journey downwards or upwards. As the optimism around the cable persists (coupled with the weakness in the greenback) the price would resume its northward journey.

USDJPY: This pair plummeted seriously last week, and this is expected to continue this week. On Monday, there was a slight rally, which may proffer another good short-selling opportunity. There could be a bearish run (though it may not be significant) towards the demand level of 94.00. This level was tested a few times last week.

EURJPY: While it is possible that the price zone at 127.00 could be tested or breached to the upside, the bearish bias on this market remains. The demand zone at 126.00 could be breached to the downside, and as such the price is expected to eventually trade below that level.