FX.co ★ Daily trading forecasts for August 16, 2013

EURUSD: This pair has seen a mixture of signals this week; from a bearish signal to a bullish one (the latest). The current signal was caused an exponential lease of energy in the EUR, which resulted in a Bullish Confirmation Pattern in the chart. Eventually, the price may go on towards the resistance line at 1.3400.

USDCHF: The condition which is going on in this market is no longer favorable to the bulls, for all the gains the market has made so far this month would be completely forfeited, should the price touch the support level of 0.9200. It is no longer logical to open long positions here: one may need to wait for what the price may do next.

GBPUSD: The Cable has moved significantly upwards this week, going towards the distribution territory of 1.5650. Without much bearish retracement, the pair has proven to be a really strong thing. Should the current outlook continue, the aforementioned price territory could be breached to the upside.

USDJPY: The vagary of the market has resulted in a ‘sell’ signal. This statement would be valid for as long as the price stays below the supply level of 98.00, unless any possible bullish threats pushes the price above that level. The continuation of the bearish pull may make the price test the demand level of 97.00.

EURJPY: This cross has remained tumultuous for the most part of this week. However, it is much more likely that the price would break out to the upside whenever momentum increases in this market, because the bullish bias is still present in the chart, with the indicators and the price action pointing towards that possibility.