Daily trading forecasts (February 7, 2013)
EURUSD: The market is retracing downwards right now – in the context of an upttrend. The bullish bias is still valid and the William’ % Range is trying to head upwards. The price may touch the resistance line at 1.3600 soon.
USDCHF: The bearish scenario here is still valid, though the price is a kind of consolidating right now. The price still has the potential to continue moving downwards, and the price could reach the support level at 0.9050 soon. It is recommended that a short trade is sought.
GBPUSD: The GBPUSD pair still has some room to go down in spite of the current struggle between the bull and the bear. The market remains volatile: any attempt by the bull to push up the price is being frustrated by the bear. The next price target could be the accumulation territory at 1.5650, unless there is a significant breakout from the current range.
USDJPY: The USDJPY is in a bullish mode. Any pullback in the market is followed by some serious strong bullish run (as it is true of this week). The price would easily touch the price level at 94.00, and then continue to the supply level at 94.50.
EURJPY: The outlook on this cross is similar to that of the USDJPY pair and, in fact, other JPY pairs. The bearish outlook on this pair is yet to come (which means the outlook is bullish). The market could trudge upwards and reach the supply zone at 128.00 very soon.
The material has been provided by Instaforex Company – http://www.instaforex.com/