FX.co ★ Daily trading forecasts for November 22, 2013

EURUSD: This pair has had mixed signals this week. It first was a bullish signal, and later things turned bearish. At the present, the bears appear to be dominant; whereas there is a resistance line at 1.3500 (while the EMA 56 itself also poses as a kind of hurdle to the bullish effort). It is thus possible that the price may go further downwards, at least testing the support line of 1.3400.

USDCHF: This pair has had mixed signals this week. First, it was a bearish signal, and later things turned bullish. At the present the bulls appear to be dominant, whereas, there is a support level at 0.9100 (while the EMA 56 itself also posed as a kind of hurdle to the bearish effort). It is thus possible that the price may go further upwards, at least testing the resistance level of 0.9200.

GBPUSD: The Cable has been trying to go northwards – the bias is bullish. Having moved sideways in the first few days of this week, the attempted rally by the bulls was met with transient reversal. Right now, the price is trending upwards, challenging the distribution territory of 1.6200. The territory has been tested a few times and it seems that it would soon yield to pressure.

USDJPY: This currency instrument has also been bullish for the most part of this week, in spite of the current slight correction on it. It is expected that the correction would be temporary, not going below the demand levels of 136.00 and 135.50.

EURJPY: This week, EURJPY has been bullish in spite of the palpable volatility on it. The price topped at the supply zone at 136.50 and then pullback back southward. The price however would still go upwards to challenge the supply zone again.