FX.co ★ Daily trading forecasts (June 27, 2013)

EURUSD: The EURUSD pair is still in a serious bearish trend, though the pair seems to be retracing a little bit towards the upside. The resistance line at 1.3100 is a barrier to this bullish retracement, so the price could either fall before it reaches that line or just as it reaches it.

USDCHF: There is still a vivid bullish sign on this pair, and what is happening right now is better called an insignificant pullback or consolidation. It is expected that the bullish run would resume soon, and should that be the case, the price would be trading above, or at least, trading towards resistance level of 0.9500.

GBPUSD: There is a clear bearish scenario on the chart, although the price has bounced off the accumulation territory of 1.5300. This is the current action on the chart, but it is expected that the price would soon test that accumulation territory again, and possibly break it towards the downside.

USDJPY: This pair continues to be a bull market, though the price has not gone very much upwards. The indicators and price action support this view, and it is highly expected that when there is breakout away from the current range, it would be towards the upside.

EURJPY: This cross is weak, and paradoxically, it is trying to continue to be negatively correlated with other JPY pairs. Irrespective of this, the cross shows a bearish signal. It is either one goes short or wait for further confirmation of the price action. But really, it is a bear market right now.