FX.co ★ Daily trading forecasts for September 3, 2013

EURUSD: In a vivid Bearish Confirmation Pattern, this pair has been trending downwards, following further weakness in the market. The price is now trading below the resistance line of 1.3200, going towards the support line of 1.3100. Generally, there would be great volatility in the market.

USDCHF: It is not implied that this pair would reach parity soon (though the idea is a possibility). It has already moved upwards by almost 60 pips in this week, and the nearest target to be tested is the resistance level at 0.9400. The support level at 0.9300 serves as a potential barrier to bearish threats.

GBPUSD: The Cable is still caught in a kind of consolidation to the upside. The RSI period 50 is above the level 50, but the EMA 11 is yet to cross the EMA 56 to the upside, although the price is above the latter. It would be sensible to wait for a Bullish Confirmation Pattern in the chart before opening long trades.

USDJPY: Yesterday, the markets opened with gaps, which are visible in hourly charts. Since then, the JPY pairs have trended northwards, indicating a bullish outlook. The USDJPY is in the bull market and would probably continue being this week. The price is going upwards towards the supply level of 100.00.

EURJPY: This cross trended upwards significantly yesterday, and sideways later. Like all other JPY pairs, there is also a primary bullish trend here, and the expected breakout would probably be to the upside. A short-term target for buyers is at the supply zone of 132.00.