FX.co ★ Daily Trading Forecasts for September 11, 2013

EURUSD: In an attempt to go in a positive correlation with the Cable, the EURUSD has resulted in a Bullish Confirmation Pattern шn the chart (in spite of the fact that it is not that strong). The price is now moving sidewaysб but it is likely to break out upwards when momentum returns to the market.

USDCHF: Interestingly, this trading instrument, which is supposed to be in negative correlation with EURUSD, has refused to give any bearish signal. In fact, the bias on the market is still bullish. Therefore, short orders are not recommended; it is more likely that the price will go further upwards soon.

GBPUSD: The former target on the Cable was at 1.5700, which has already been reached, violated and broken to the upside. The price territory at 1.5800 has also been tested. Since the price has gone up by roughly 200 pips this week, it would be sensible to expect that the price would continue going further upwards.

USDJPY: USDJPY is now trading above the great demand level of 100.00. In spite of the current consolidation, the price may eventually head towards the supply level of 101.00. The great psychological level at 100.00 itself is now acting as a short-term barrier to bearish interest.

EURJPY: This is a bull market – as shown by the upward trend. However, it is normal that the price takes a pause in the course of a noteworthy bias, and this is what is happening in the market. After the pause in the uptrend, the price can later resume its northward journey by going upwards towards the supply zone of 133.50.