Technical Forecasts In Currency Markets

Daily Trading Forecasts (September 20, 2012)

The corrections in the markets are becoming more conspicuous as currency instruments continue to retrace. If this scenario continues today, it may herald the end of the major biases we have seen in a few weeks.

EURUSD: The price is now clearly below the EMA 12 as the pullback still holds. If this continues, the price would re-test the level at 1.3000 (the next resistance level being at 1.3050)

USDCHF: This pair has continued to move sideways as it began this week. There is no clear direction right now: the support level being at 0.9250 and the resistance level being at 0.9300.

GBPUSD: Despite the correction in the market, the bullish bias still holds. The price is trying to move below the EMA 21, but it would merely give a new long signal as the Stochastic falls into the oversold region.

EURJPY: There could be a long order possibility at 102.00 if the price touches that level, especially as the Williams’ % Range has gone into the oversold territory. The bias still points upwards.

USDJPY: What is happening on the USDJPY is a serious threat to the newly created ‘Buy’ signal on the pair. The EMA 56 has been trying to thwart further bearish attempts. But if the price touches the support level at 78.00, it would render any bullish outlook invalid.
 
Daily Trading Forecasts (September 21, 2012)

The corrections in the markets are probably coming to end as Forex instruments try to revert back to the prevailing trends. If this scenario holds, the instruments would simply resume their vivid trends - which means that what happened earlier this week were merely retracements.

EURUSD: This week, the EURUSD saw significant bearish correction, though it seems this is coming to an end. The price is now testing the resistance level at 1.3000, and may continue going up if it succeeds in breaking it upwards

USDCHF: Here, the bullish correction that started this week is not that noteworthy, but it is vivid. Further bullish correction was rejected at the accumulation level of 0.9350. The price would go down further if the price violates the accumulation level at 0.9300

GBPUSD: This week, the equilibrium activity that happened on this pair was not that serious. The price has resumed its northward journey as the price has gone beyond the resistance level at 1.6250.

EURJPY: This cross fell by over 180 pips this week while correcting lower. The price has found a bottom at 101 and is trying to go up from there.

USDJPY: The bullish scenario that was formed earlier this week is now invalid. It looks as though this pair is poised for further bearish run. I would prefer to stay out of this market right now.
 
Daily Trading Forecasts (September 24, 2012)

Last week featured some serious corrections and consolidations in the currency markets. Some pairs and crosses could, however, resume the directions of major trends this week.

EURUSD: The EURUSD corrected lower last week, closing a little below the support level at 1.3000. If the correction is aborted this week, the price might rise towards the support level of 1.3200.

USDCHF: This pair was caught in a clear range last week - meaning that there was no significant move in either direction. Whatever happens to the EURUSD would determine the opposite effect on this pair.

GBPUSD: Bears failed to gain upper hands on this market despite its weak movement last week. The price touched the resistance level at 1.6300 and fell. It is hoped that the support level at 1.6200 would halt further fall.

EURJPY: Last week, this cross showed a significant pullback towards 101.00 (though it reached a high of 103.82 in the same week). If that support level holds, the price could rise again from that level.

USDJPY: On the USDJPY pair there were alternative short-term pressures from bears and bulls - with no clear victory. This week, I would say that what happens on the USDJPY would be determined by what happens on other JPY pairs.
 
Daily Trading Forecasts (September 25, 2012)

The reversals in the markets have continued so far, and they may be the beginning of new trends. The USD and the JPY are trying to give up some of their recent weakness, as other currencies get weakened against them.

EURUSD: The EURUSD pair continued to be weakened as the price stays below the EMA 21. The Stochastic has gotten to the oversold territory and may spend sometime there.

USDCHF: This market is trying its slow and steady northward correction, or could we call it a new bullish bias? The price stays above the EMA 21 as the Stochastic is heading towards the overbought region.

GBPUSD: On this market, the bears are still trying to pull down the Cable, but the bulls are resisting that desperately. The Williams’ % Range is almost going into the oversold region - something that may cause a brief rally.

EURJPY: This could be rightly called a new bearish wave. The EMA 11 has crossed its EMA 56 counterpart to the downside, therefore signaling the end of the previous bullish propensity.

USDJPY: The bullish attempt that occurred last week on the USDJPY was void. The EMA 11 has crossed the EMA 56 to the downside - SELL.
 
Daily Trading Forecasts (September 26, 2012)

It can now be safely said that the markets are now in new trends - slow and steady. The reversals that started last week culminated in consolidations and finally turned to bearish biases.

EURUSD: The pair is now clearly bearish as it goes under the EMA 21. The next price target is the support level at 1.2800.

USDCHF: The USDCH has now assumed a bullish bias as it moves above the EMA 21. The resistance level at 0.9400 has been broken to the upside: the next price target is 0.9500.

GBPUSD: The adamant bulls have given up their hold on the Cable, as it yields to gravity. The support level at 1.6150 stands to be tested, and if it is broken downwards, the next target would be 1.6100.

EURJPY: So far in this week, this cross has fallen by about 160 pips. The psychological level at 100.00 has been broken to the downside and the next target is 99.50.

USDJPY: The sell signal that was generated on the USDJPY is still valid. One entry method is to open a short order as the price rallies to the support level at 78.00.
 
Daily Trading Forecasts (September 27, 2012)

The predominantly new bearish trend still holds, as the USD and JPY try to showcase some strength. The new trend, however, appears to be tardy as the markets approach major accumulation levels.

EURUSD: This pair continues to plunge. The price has tested the support level at 1.2850, and would go for the level at 1.2800 if the bearish pressure continues.

USDCHF: The USDCHF has continued to rise. The price has tested the resistance level at 0.9400 and could go on to the level at 0.9450 if the bullish attempt continues.

GBPUSD: The Cable still tests the support level at 1.6150, and the next target could be the support level at 1.1600 if the bearish run continues. Immediate resistance levels are at 1.6200 and 1.6250.

EURJPY: The bulls are trying to push up this cross upwards and beyond the psychological level at 100.00. If this level could halt this bullish push, the price would be forced back to the level at 99.50.

USDJPY: Here, the bullish bias still holds, though the market was volatile yesterday. The demand zone at 77.50 is still to be tested; I still prefer a ‘sell’ trade at 78.00.
 
Quote from Ituglobal:

Daily Trading Forecasts (September 27, 2012)

The predominantly new bearish trend still holds, as the USD and JPY try to showcase some strength. The new trend, however, appears to be tardy as the markets approach major accumulation levels.

EURUSD: This pair continues to plunge. The price has tested the support level at 1.2850, and would go for the level at 1.2800 if the bearish pressure continues.

USDCHF: The USDCHF has continued to rise. The price has tested the resistance level at 0.9400 and could go on to the level at 0.9450 if the bullish attempt continues.

GBPUSD: The Cable still tests the support level at 1.6150, and the next target could be the support level at 1.1600 if the bearish run continues. Immediate resistance levels are at 1.6200 and 1.6250.

EURJPY: The bulls are trying to push up this cross upwards and beyond the psychological level at 100.00. If this level could halt this bullish push, the price would be forced back to the level at 99.50.

USDJPY: Here, the bullish bias still holds, though the market was volatile yesterday. The demand zone at 77.50 is still to be tested; I still prefer a ‘sell’ trade at 78.00.
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just curious, why do you track both EUR/USD and USD/CHF? they are one and the same.

Makes you look pretty silly when you predict eur.usd will go down for a certain reason, and then say usd.chf will go up for another reason.
 
Daily Trading Forecasts (September 28, 2012)

The currency markets are trying to recover some of their losses right now. This situation is significant enough, and not to be overlooked, because if it continues, the bullish bias may resume.

EURUSD: This pair is currently caught in a rally, quickly recovering the loss it has sustained this week. The resistance level at 1.2950 is being battled with, and it seems the next target will be 1.3000.

USDCHF: The USDCHF is now trying to give up some of its gains in the near-term. The support level at 0.9350 has already been broken to the downside - the next target being 0.9300.

GBPUSD: What is happening on the Forex market is having an anticyclical effect on this pair, as it is coming down gradually. Eventually, the condition that affects the EURUSD would determine the direction of the Cable.

EURJPY: The EURJPY has found it difficult to go clearly below the psychological level at 100.00. It found a bottom around 99.50 and is now trying to rally towards 101.00.

USDJPY: The weak USDJPY reached a bottom at 77.50. It looks as if a further bearish move is about to be rejected. If this holds true, the price would go back to the resistance level at 78.00, and if not, the support level at 77.50 would be tested again.
 
I think if it breaks support it could go lower

If we can penetrate resistance, it could go even higher

The most powerful word in market analysis is the word "if". The more it is used, the less likely the analysis is to be wrong.
 
Quote from Coleen:

Tell the truth, you can never observe the price move in one direction only.
I'd like to say that if the price bears down the resistance level in an upward direction today then we should loo again at the forecast and look to long positions. The immediate purpose of such move will be level 1.6296, and the price most likely will go to the level 1.6357.
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try just once, it will be good for your mental constituition, try just once writing your market commentary without using the word "if"

if is a code word for admitting you don't know what the hell you are talking about

anything is possible if
 
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