FX.co ★ Daily trading forecasts for October 10, 2013

EURUSD: the greenback is strong, and that is why this pair gave way. The Williams’ % Range is in the oversold territory and the EMA 11 has crossed the EMA 56 to the downside. This is a bearish signal – it is likely that the price would reach the support line at 1.3450.

USDCHF: As a result of the stamina in the greenback, the EURUSD has gone bearish while the USDCHF has gone bullish. In addition, more fundamental figures are expected today; which would have an impact on the markets. The market is trading above the support level at 0.9100, going towards the resistance level at 0.9150.

GBPUSD: The bearish outlook on the GBPUSD is still valid, and the price may end up testing the accumulation territory of 1.5900. The Bearish Confirmation in the chart is something that is not negligible, for it does not make sense to seek long trades in this type of market condition.

USDJPY: On this pair, the price at last bottomed at the demand level of 97.00 (having tested that level many times since the last week). From there, the price rose upwards by over 100 pips, resulting in a Bullish Confirmation Pattern, as the price trades above the EMA 56.

EURJPY: On this currency instrument, the mixed signals are a sign that one may stay aloof until there is an assurance of a directional tendency in the market. The RSI period 14 suggests a long trade, but the EMAs are yet to support that. It is either the EMAs support the RSI, or the latter supports the former.