empty
 
 
26.10.2012 12:25 PM
Daily Trading Forecasts (October 26, 2012)

EURUSD: This week has been bearish for the EURUSD pair; a short trade has been signified on the chart. What started as a rally at the beginning of this week has proven to be an opportunity to sell short in a content of a new downtrend. It looks like EURUSD is headed for the support level at 1.2900.

This image is no longer relevant

 

 

USDCHF: This pair has moved up by close to 100 pips this week. A new bullish signal has been confirmed. It is done as it is assumed that the market would trend higher. The next target should be the resistance level at 0.9400.

This image is no longer relevant

 

GBPUSD: The cable is very strong right now. Or in order to be precise, it could be said that the GBP is very strong. The market fell below the crucial accumulation zone of 1.6000 this week, but further bearish plunge was rejected below this zone. The bottom for this week is 1.5916, and the price has gone considerably up since then. It is by around 200 pips.

This image is no longer relevant

 

USDJPY: The bullish USDJPY has gone up significantly without much retracement. Having moved up by almost 190 pips, the price is now experiencing some pullback. It is expected that this pullback could be halted around 79.50. It is understandable, since the RSI 14 period has been in an oversold territory for a long period of time. So this temporary pullback is not a surprise.

This image is no longer relevant

 

EURJPY: Strictly speaking, this week has been indecisive on the EURJPY pair. There is no clear victory between buyers and sellers, though I still prefer a bullish bias. If one would need to go short, then one would need to wait for more confirmation. I would stay out of this market, until a new direction is confirmed or an upward continuation is established.

This image is no longer relevant

  

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback