FX.co ★ Daily trading forecasts for September 5, 2013

EURUSD: This pair is in a bearish mode, but it is currently experiencing some rally which would potentially be short-term in nature. Generally, the current rally ought not to go above the resistance line of 1.3250; otherwise the bearish mode would be in jeopardy. Another southward dive is expected soon.

USDCHF: The market moved upwards significantly this week, topping at 0.9414. The resistance level at 0.9400 must be overcome once again, before the price could keep on going upwards. It is also expected that the fundamentals coming out today would cause further volatility in the market.

GBPUSD: The Cable is no longer in a ranging market, because, as forecasted, the price has broken upwards, going in rather slow and steady manner. Given the bullish confirmation pattern in the chart, it is modest to hope that the price would continue going upwards, and possibly reaching the distribution territory at 1.5700.

USDJPY: The USDJPY has already tested the great supply zone at 100.00, and there is a possibility that the supply zone would be breached to the upside, especially with the continuation of the current bullish pressure. Any bearish attempts along the way would only be negligible.

EURJPY: This is also a bull market. EURJPY has already tested the supply level at 132.00. This level would eventually be breached to the upside, should the current bullish pressure continue. With the present bullish outlook in the market, the price would soon be trading above the aforementioned supply level.