FX.co ★ Daily trading forecasts for August 27, 2013

EURUSD: EURUSD also traded sideways on Monday, and right now there is a pullback which poses a threat to the current bullish bias in the market. The price has broken the EMA 56 to the downside closing below it. Nevertheless, it is worth waiting for the EMA 11 to confirm the signal before taking a position.

USDCHF: Despite the equilibrium forces that are extant on this pair, there has been no threat for the bearish outlook. In fact, the bearish outlook remains intact, and it is possible that the price may, eventually, move further downwards. The possibility of the price testing the support level of 0.9150 remains.

GBPUSD: GBPUSD moved sideways yesterday, but it has now broken out to the downside, leading to a new bearish signal. The price closed below the EMA 56 and the RSI period 14 ended below the level of 50. New bearish pressure may push the price towards the accumulation territory of 1.5450.

USDJPY: There has been a ‘sell’ signal on this pair confirmed by the indicators in the chart. Should the bearish pressure, thus, continue, there is likelihood that the demand level of 97.00 will be tested this week. Meanwhile, any possible bullish attempts may not take the price beyond the supply level of 98.50.

EURJPY: This cross has plummeted roughly by 160 pips since yesterday, though the primary bullish trend is not over yet. The current price action is dangerous for the bulls interests and if the price goes further downwards toward the demand zone at 130.00, the bullish outlook will be completely over.