FX.co ★ Daily trading forecasts for November 4, 2013

EURUSD: The EURUSD chart brings two possibilities: either this is a temporary pullback or the beginning of a new downtrend. This is a bone of contention among traders, but the Bearish Confirmation Pattern in the chart shows that it is not sensible to buy long on this weak pair.

USDCHF: The Bullish bias in the chart shows that the price is most likely to continue trending upwards this week. There may, however, be some transitory pullbacks along the way, which may not take the price below the support levels of 0.9050 and 0.9000. The price may ultimately reach the resistance level of 0.9200 this week.

GBPUSD: The cable will easily reach the accumulation territory of 1.5900, after which the territory may be overcome, as the price falls to the downside. It may be possible for the price to experience some upward bounce at the aforementioned level, which would be temporary in the face of this weak market.

USDJPY: This trading instrument closed at 98.68 on Friday (November 1, 2013). The price may easily reach the supply level of 99.00. Should that level be overcome, the next price target would be the supply level of 99.50. But it is unlikely that the price would touch the great psychological level of 100.00 this week.

EURJPY: This cross closed at 133.58 on Friday, having trended seriously downwards last week. The present upwards bounce in the market proffers a wonderful offer to sell short when the price rallies and in the context of a downtrend. This would, nevertheless, be valid only if the price does not go above the supply zone of 134.00.