FX.co ★ Daily trading forecasts for November 8, 2013

EURUSD: The situation in the market is another opportunity to sell, following the recent bearish run. EURUSD dropped towards the support line of 1.3300, bounced upwards from there, and is now trading above the support line of 1.3400. The bearish bias is still extant in the market.

USDCHF: This pair shot upwards to the resistance level of 0.9250, where the price was corrected downwards. At this juncture, it would be seen that the price has started making another weak attempt to go upwards again. Slowly, the price might test the resistance level of 0.9250 again.

GBPUSD: Bulls have been complaining of the cable’s perpetual inability to trend upwards significantly. Yes, this is true, because the distribution territory at 1.6100 has succeeded in rejecting the bulls’ onslaught. This territory, which has been challenged many times, now stands the risk of being breached to the upside. This assumption is true because the bias in the market is bullish (in contrast to EURUSD which should be bullish, but is currently moving south).

USDJPY: The highest probability of the price action in the USDJPY is a southward movement. The price, though seriously turbulent lately, has closed below the EMA 56, while the RSI period 14 is below the level 50.

EURJPY: This currency instrument has dropped by almost 200 pips this week, before retracing upwards a bit. This followed the sideways turbulence – a deadly struggle between the bulls and the bears – as seen in the chart. The price could still drop further.