EUR/USD: This market trended downwards, following the opening of the market. The bias for this week is bearish: the EMA 11 is below the EMA 56, as the Williams’ Percent Range goes to the oversold area. This market could reach the support line of 1.3050.
USD/CHF: On Monday, the USD/CHF went upwards. The EMA 11 is above the EMA 56, and the Williams’ Percent Range is almost headed into the overbought territory. The price could reach the resistance level at 0.9350.
GBP/USD: Trading on the GBP/USD requires tact right now. The overall bias is bearish, and one would need to look for short trades only. In the near term, the price could rally towards the distribution territory at 1.5250, but may drop sooner.
USD/JPY: The primary outlook on the USD/JPY is bullish. Nevertheless, the days of this outlook are numbered. Following the gap that occurred on this pair at the beginning of this week, and the ensuing 200-pip plunge, the EMA price has broken through the EMA 56 and the RSI period 14 is below the 50 level. The price could journey in downtrend this week.
EUR/JPY: Just like the USD/JPY and other JPY pairs, the EUR/JPY opened with a big gap-up and later dropped by close to 400 pips. The primary outlook on the cross, though bullish, is seriously jeopardized. The indicators in the chart signify some further southward possibility. The price could trend downwards this week.
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| Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2013 |
Daily trading forecasts for February 26, 2013
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