FX.co ★ Daily Trading Forecasts for November 29, 2013

EURUSD: This is a bull market, with a Bullish Confirmation Pattern on the chart. Although the upwards journey so far has been tardy, the price has been able to move by around 90 pips. Trading above the support line of 1.3600, the price is headed for the resistance line of 1.3650.

USDCHF: This is a bear market, with a Bearish Confirmation Pattern on the chart. Although the upwards journey so far has been tardy, the price has been able to move by around 50 pips, following the initial rally on Monday (which eventually turned out to be an upward retracement in a downtrend). Trading around the price level of 0.9050, the price is headed for the support level of 0.9000.

GBPUSD: The Cable has been able to trend upwards significantly. It moved upwards by about 120 pips last week; but this week it has moved upwards by almost 150 pips (in spite of the pullback that was seen at the beginning of the week). Could the price reach the distribution territory of 1.6400 today or next week?

USDJPY: This currency trading instrument keeps on going higher and higher in a slow but steady manner. The price is now trading above the demand level of 102.00 – which is acting as a barrier to the bears’ machination to bring the price down. With the continuation of the current uptrend, the price could reach the supply level of 103.00 eventually.

EURJPY: As it was said on Monday, this week has been favorable to trend followers. For example, the EURJPY, which has been trending up for a few weeks in a row, has moved upwards for more than 170 pips in this week.