FX.co ★ Daily trading forecasts for August 15, 2013

EURUSD: EURUSD requires some tact in its handling. This week has been bearish so far, but there is a bullish correction right now, which may result in a serious violation of the current outlook, especially when the price happens to break the resistance line at 1.3300 to the upside.

USDCHF: This pair is also experiencing some bearish correction in a context of an uptrend. For the context of an uptrend to continue to be valid, the price ought not to go below the support level of 0.9300; otherwise, the current northward outlook would be in jeopardy. The resistance level of 0.9400 remains a sensible target for this week.

GBPUSD: The Cable is, no doubt, experiencing serious northward push as the optimism surrounding it continues. Could this be called Carney’s effect? This month so far, the price has gone upwards by over 480 pips (from the accumulation territory of 1.5100). This outlook would likely continue.

USDJPY: This remains a bull market: the indicators on the chart point to the presence of the bull domination irrespective of the latest southward correction in the market. It is assumed that the northward possibility holds as long as the price stays above the demand level at 97.50.

EURJPY: EURJPY is in a bullish mode as well, despite the fact that there is a recent minor correction on it. Since trying to go further upwards, there has been a serious struggle between the bull and the bear (as being marked by current tumultuous movement). Ultimately, the bull could win when the price breaks out again towards the supply zone of 130.50.