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09.11.2012 12:54 PM
Daily Trading Forecasts (November 9, 2012)

EURUSD: The EURUSD pair fell by roughly 100 pips this week. The resistance line at 1.2750 remains solid –there is a threat to further bearish possibility. However, the signal remains bearish, and as long as the bias is bearish, it is better to look for shorting opportunities only.

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USDCHF: This pair rose by roughly 80 pips this week. Right now it is around 0.9450. We can note that there is a consolidation phase around this price level. The coming pressure would ultimately determine whether the price would continue going up or whether it would nose-dive. Nevertheless, the bullish continuation is probability strong.

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GBPUSD: After breaking the distribution zone at 1.6000 on the downside, the cable has found it very difficult to plunge lower. The Williams % Range is headed up from the oversold territory, but the EMA 11 still remains below its 56 counterpart. There is still a bearish possibility.

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USDJPY: There is a vivid SELL signal on the USDJPY. The price is trading below the EMA 56, as the RSI 14 period is now below the level 50. The next price target could be 79.00.

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EURJPY: The EURJPY pair remains bearish – it has dropped by over 190 pips this week. The price has touched the demand zone at 101.00, and its downward movement has been checked. Should the price succeed in breaching that zone downwards, the next target could be 100.50. 

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