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Sunday, December 8, 2013

Daily Trading Forecasts for December 9, 2013


Last week, the directional forecasts on the EURUSD and the USDCHF were correct. For example, the USDCHF trended downwards by over 140 pips, closing at 0.8917. 

EURUSD: The EURUSD, which has been bullish for more than 2 weeks, has been able to maintain its bullish stance in spite of the initial upswings and downswings within the limitation of some overall stabilization. Last week was ended with some smooth and predictable journey upwards. This week would not be different. 



USDCHF:  Last week, the directional forecasts on the EURUSD and the USDCHF were correct. For example, the USDCHF trended downwards by over 140 pips, closing at 0.8917. This week, the price would easily challenge the support level of 0.8900, and possibly breach it to the downside.

GBPUSD:  There are bullish reversals on the JPY pairs, and directional movements on most major pairs, including exotic crosses. However, the Cable seems unaffected by this, as it continues to consolidate to the downside. There are mixed signals on the chart – with neither the bulls nor the bears winning. It is better to stay out of the market until it becomes predictable again.

USDJPY: This pair dropped below the demand level of 102.00 last week, but it could not stay below that level. Therefore, the price bounced seriously upwards from that level by over 100 pips. Right now, the bullish scenario in the market has been re-confirmed again. The price would test the supply level of 103.50 this week.

EURJPY: Here too, this cross would have broken the price zone of 141.00 to the upside by the time this forecast is published. The ultimate target for this week is the supply zone of 142.00. The bias has always remained bullish.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

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



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