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Daily Trading Forecasts (November 13, 2012)
EURUSD: The EURUSD has continued its weakness. This is expected to hold today as well. The EMA 11 is below the EMA 56, while the RSI 14 period is below the level 50. The next target is the support level at 1.2600.
USDCHF: This pair remains strong. The EMA 11 is above the EMA 56, as the RSI 14 period is above the level 50. The bullish rally is expected to continue today. The price could reach the resistance level of 1.9600 this week.
GBPUSD: The GBPUSD is also weak. The weakness could continue today, since the EMA 11 remains below its EMA 56 counterpart. It is not difficult for the price to touch the accumulation zone at 1.5850.
USDJPY: The slight correction in this market simply enabled speculators to short at slightly higher prices, when the market was still showing some southward determination. This is expected to continue – a bearish signal. The pair is still trading below the EMA 56.
EURJPY: As it is true of most JPY pairs, this cross is weak at the moment, and nothing different than that may be seen today. The EMA 11 is vividly below the EMA 56, as the William’s % Range period 20 is in the oversold region. The demand zone at 100.50 is being tested and could be broken downwards.
The material has been provided by Instaforex Company – instaforex.com