FX.co ★ Daily trading forecasts for November 12, 2013

EURUSD: There is still a Bearish Confirmation Pattern on the EURUSD pair, and the price is trading below the resistance line of 1.3400. Ultimately, and despite the current turbulent cum volatility in the market, the price would end up testing the support line of 1.3300 today or tomorrow.

USDCHF: This is a bull market. Since the bullish signal was generated at the end of October 2013, the price has moved upwards by over 220 pips. Trading above the support level of 0.9200, the pair may move upwards towards the resistance level of 0.9250. It may even breach it to the upside.

GBPUSD: The Cable is now weak and there is a barrier to the northward attempt at the distribution territory of 1.6000. The price is rotating around the market territory of 1.5950. Should that place be breached to the downside, the next target for the bears would be the accumulation territory of 1.5900.

USDJPY: In a strong bullish bias, the USDJPY pair has moved upwards by over 70 pips this week. The price is currently trading above the demand level of 99.50 (which was an intermediate target for Monday), going towards the supply level of 100.00. Although the supply level of 100.00 is a great psychological area, it would be violated when the bullish trend continues.

EURJPY: The price on this currency instrument is now trading above the EMA 56 (the RSI period 14 itself has crossed above the EMA 56). The bullish retracement is currently strong, but one would need to wait for the EMA 11 to cross the EMA 56 before one goes long.