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08.11.2012 02:58 PM
Daily Trading Forecasts (November 8, 2012)

EURUSD: This is a bear market. The market has breached more and more support lines on the downside; threatening to go towards the support line at 1.2700. There is a vivid selling pressure as the greenback develops more stamina. It can be seen that the RSI 14 period is below the level 50.

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USDCHF: This a bull market – as the price chart shows. The price above the support level at 0.9450 is going towards the upper level at 0.9500. The RSI 14 is above the 50 level. This is a bullish confirmation pattern, and a buy signal remains valid.

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GBPUSD: The GBPUSD pair has already fallen by more than 80 pips this week. I have a sell signal on the chart, especially now that the bearish pressure is very potent. This is not a king of the market phase that respects any accumulation zone. Sell and sell short.

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USDJPY: Finally, after much hesitation, the USDJPY pair finally provides a shorting possibility – though reluctantly. It should be noted that there have been many abortive bullish continuation attempts, and this may potentially signify the end of the recent northward determination.

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EURJPY: The shorting signal here has long been in place; since the EMA 11 has crossed the EMA 56 to the downside, and the Williams’ % Range has perpetually been in the oversold condition, in spite of some notable pullbacks. The price seems to be determined to reach the demand zone eventually at 101.50. 

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Summary
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