FX.co ★ Daily trading forecasts for November 26, 2013

EURUSD: In spite of the visible consolidation in the market, the bullish propensity on the market is a valid thing. The price is above the EMA 56 (and effectively above the support line of 1.3500). As long as the price remains above that support line, the bullish trend is intact.

USDCHF: In spite of the visible consolidation in the market, the bearish propensity on the market is a valid thing. The price is below the EMA 56 (and effectively below the resistance level of 0.9150). As long as the price remains below that resistance level, the bearish trend is intact. This means that there is likelihood that the price may break the nearest support level of 0.9100 to the downside very soon.

GBPUSD: The Cable currently shows mixed signals: the price is still above the EMA 56, but the RSI period 14 has crossed the level 50 to the downside. One may need to look for a clearer signal here before taking a position. Normally, it would not be thought that the bears have taken a complete control when the price is still above the accumulation territory of 1.6100.

USDJPY: The normal target for USDJPY is the supply level of 102.00, which was almost tested before the price turned south. As it can be seen that the Bullish Confirmation Pattern in the chart is intact, the price may go back upwards to challenge the aforementioned supply level.

EURJPY: EURJPY has almost challenged the high of 138.00, which is a very strong supply zone. The price has been corrected downwards from that supply zone, although the dominant bias remains bullish.