FX.co ★ Daily trading forecasts for October 18, 2013

EURUSD: This pair also moved upwards on Thursday, to a Bullish Confirmation Pattern in the chart. This means that the bias has been bullish so far in this week. The price could then go towards the resistance line of 1.3700 today or at the begining of the next week.

USDCHF: As a result of the weakness in the greenback, this pair traded in the opposite manner to EURUSD. There has been a Bearish Confirmation Pattern in the market, as being supported by the indicators in the chart. It is likely that the price would test the support level at 0.9000 once again.

GBPUSD: GBPUSD jumped upwards in an attempt to resume its recent bullish bias. The distribution territory at 1.6200 is the next possible target for the bulls. In addition, the accumulation territories at 1.6100 and 1.6050 should start as checks to the bears’ mutiny along the way.

USDJPY: USDJPY traded lower on Thursday, although most of the other JPY pairs did not yield to gravity as it was done. There are mixed signals in the chart, and it may be ok to wait until there is a clearer signal. Most probably, the price would cross the EMA 56 to the upside and the RSI period 14 would cross the level of 50 to the upside.

EURJPY: This is essentially a bull market: the fleeting violation of the demand zone of 133.00 posed a threat to the bullish outlook which, however, remains unbroken. There is a lot of trading activity around the market zone of 134.00, and should the bull prove too strong for the bears, the price would move towards the supply zone of 134.50.