FX.co ★ Daily trading forecasts for October 28, 2013

EURUSD: This currency instrument was able to maintain its bullish stance last week in spite of the threats for the bears. The price moved upwards by over 140 pips, before encountering a challenge at the resistance line of 1.3800. For this week, the support line at 1.3700 should serve as a check to the bearish threats.

USDCHF: This pair is bearish, and the bearish pressure comes now and then. Last week, the price bottomed at the support level of 0.8900, which is a significant pivot point in the market. Since then, the price has been trying to rally in the context of a downtrend. That rally could be halted at the resistance level of 0.9000.

GBPUSD: In fact, the cable is inclined to yield on bullish pressure more than bearish pulls; and the market is highly volatile and turbulent. In this kind of scenario, it would be OK not to use tight stops, because one would be easily stopped out. The market could go upwards, but it is the best to wait for the RSI period of 14 to go above the level of 50 before one does that.

USDJPY: This market was unable to hold its ground against the bears and, as a result of that, it is now in a bearish outlook. The price tested the demand level of 97.00, and then bounced upwards from thence. The upward bounce is something transitory, giving us some short selling opportunities.

EURJPY: EURJPY closed at 134.43 on Friday (October 25, 2013), still being in the bullish trend. It is likely that the price would continue to trend upwards this week, going towards the supply zone of 135.50 in order to test it again.