FX.co ★ Daily trading forecasts for October 24, 2013

EURUSD: EURUSD is in a bullish mode. After a minor bearish retracement which occurred yesterday, a new lease of a bullish momentum was added. Soon the price would be trading above the resistance line of 1.3800, going towards another resistance line at 1.3850.

USDCHF: USDCHF has become perpetually weak – having dropped by roughly 120 pips since the beginning of this week. The bearish momentum is still in place, and as this continues, the price would be heading towards the support level of 0.8900. Should the level be broken to the downside, the next target would be the support level at 0.8850.

GBPUSD: In spite of the apparent volatility in this market, the bulls hold sway. The price is expected to go upwards towards the distribution territory of 1.6250 again. The accumulation territories of 1.6150 and 1.6100 would serve as checks to any bearish threats along the way.

USDJPY: The significant reversals that happened yesterday have caused new signals to be generated in most cases. Moreover, the fundamental figures that are coming out today may have confirmation impact on the new biases. For this pair, the next demand level to be breached is at 97.00.

EURJPY: This currency instrument is in a bullish mode, although it is a kind of indecisive lately. The indicators in the chart reveal an extant Bullish Confirmation Pattern in the chart, with the price not going below the demand zone of 133.50, for the current bullish bias to be valid.