FX.co ★ Daily trading forecasts for September 2, 2013

EURUSD: EURUSD fell by roughly 170 pips last week, closing at 1.3222. There would be some short-lived bullish attempts this week, but the general outlook remains bearish. There is a resistance line at 1.3300, and whereas the price may reach the support line of 1.3100.

USDCHF: This pair is in the bull market which has been able to reject any serious bearish attempts on it. Last week, it was closed in a range movement, and this week we could see the price being pushed upwards towards the resistance levels at 0.9350 and 0.9400, respectively. Would this pair ever see parity again?

GBPUSD: There is still a Bearish Confirmation Pattern in the cable and this fact could continue serving the aid to bears’ interest. The price action could rightly be called a ranging one, and when a breakout does occur, it is more likely to move downwards, going towards the accumulation territory of 1.5400.

USDJPY: This currency instrument produced a kind of clear signal, despite a difficult market . It shows a northward possibility, perhaps towards the supply level at 99.00, before any serious retracement. Long position could be opened with small sizes and tight stops.

EURJPY: There is a bearish outlook here, and the price would probably keep on going downwards this week. The simple fact is that EUR is weak and USD is strong. Therefore, the price could go further southward, reaching some demand zones of 129.00 and 128.50 successively.