FX.co ★ Daily trading forecasts (June 28, 2013)

EURUSD: For those who simply followed the bearish trend on the EURUSD pair, this week has seen the pair moving in the forecasted direction, irrespective of occasional counter-trend moves. There is another countertrend move right now, but it is not expected to go above the resistance line at 1.3100.

USDCHF: The USDCHF pair (as slow as this enigmatic pair is) has been trending upwards slowly and steadily. The uptrend is valid and it is something that could still continue, for the current pullback is weak, and may not push the price below the support level of 0.9400. Meanwhile, the price could still trend further upwards.

GBPUSD: The cable is also weak – staying in a vivid bearish trend. It dropped by roughly 140 pips this week, and today we may see a continuation or reversal on the chart. The continuation could push the price towards the accumulation territory of 1.5200, whereas the reversal would be short-term in nature.

USDJPY: The USDJPY pair hit a weekly low at the demand level of 97.00. During this time, the primary bullish bias was never violated. It could even be now seen that the price has resumed its northward (bullish) bias and the price could go towards the psychological supply level of 100.00 today or next week.

EURJPY: It was said that the EURJPY pair would be trying to respect, or get positively correlated with other JPY pairs. In an attempt to achieve this, the recent ‘sell’ signal on its chart was quickly rendered invalid as the cross assumed a clear uptrend. It could be going towards the supply zone at 130.00.