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Sunday, October 27, 2013

Daily Trading Forecasts for October 28, 2013


The EURJPY closed at 134.43 On Friday (October 25, 2013), still breathing the bullish trend. It is likely that the price would continue to trend upwards this week, going towards the supply zone of 135.50 in order to test it again. 


EURUSD: This currency instrument was able to maintain its bullish stance last week, in spite of the threats for the bears. The price moved upwards by over 140 pips before encountering a challenge at the resistance line of 1.3800.  For this week, the support line at 1.3700 should serve as a check to the bearish threats.

USDCHF: This pair is bearish, and the bearish pressures come now and then. Last week, the price bottomed at the support level of 0.8900, which is a significant pivot point in the market. Since then, the price has been trying to rally in the context of a downtrend. That rally could be halted at the resistance level of 0.9000.

GBPUSD: In reality, the Cable is inclined to yield to bullish pressure more than bearish pulls; and the market is highly volatile and turbulent. In this kind of scenario, it would be OK not to use tight stops, because one would be easily stopped out. There market could go upwards, but it is best to wait for the RSI period 14 to go above the level 50 before one does that.

USDJPY: This market was unable to hold its ground against the bears and as a result of that, it is now in a bearish outlook. The price tested the demand level of 97.00, and then bounced upwards from thence. The upwards bounce is something transitory, giving us some short selling opportunities.

EURJPY: The EURJPY closed at 134.43 On Friday (October 25, 2013), still breathing the bullish trend. It is likely that the price would continue to trend upwards this week, going towards the supply zone of 135.50 in order to test it again.


Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


Eye-opening trading lessons: http://www.harriman-house.com/experttraders

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