Forex Analysis

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Daily trading forecasts (July 23, 2013)

Posted at July 23, 2013 Categories : Forex Analysis |

EURUSD: The EURUSD pair is already testing the price level at 1.3200 in what is rightly termed a bullish mode. The price would breach that level to the upside, going towards the resistance level at 1.3250. Meanwhile, the price ought not to go below the support level of 1.3100 when being corrected lower.

USDCHF: The USDCHF pair has been caught in what can be termed a bearish scenario. The EMA 11 is below the EMA 56, as the Williams’ % Range has been around the oversold territory. It is assumed that the pair would reach the support line at 0.9300, especially as the selling pressure continues.

GBPUSD: The GBPUSD paie is about to test the distribution territory at 1.5400. The outlook on this pair has been bullish to some extent, for the price has moved upward by over 260 pips since the bullish signal was generated. It can also be seen that the indicators on the chart are in favor of further bullish rise.

 

USDJPY: The USDJPY pair experienced some dip in the price yesterday. The demand level at 99.50 and 99.00 would do a good job in containing more southward dive.  Albeit it looks as if there is a ‘sell’ signal on the chart, the sell signal would not be termed as being valid unless the price breaks the demand levels mentioned here, to the downside.

EURJPY: This cross is in a bullish mode in spite of the latest southward correction on it. The bullish possibility is still sensible in spite of the correction, and the price is not supposed to go below the demand zone of 130.00 (at least for the present scenario to be valid). The price could thus rise forward toward the supply zone at 132.00.  

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