EURUSD
Primary trend: Bullish
The EURUSD has been in a moderate bullish mode – save for the last bearish week (December 31, 2012 – January 4, 2013). Really the moderate bullish outlook still has much room to go, but there would be some serious short-term and medium term pullbacks along the way. These pullbacks could provide nice opportunities for day traders to make some quick bucks. The short-term pullback could take the price downwards to the support line of 1.3000, while the medium-term pullback could take it downwards towards the support line of 1.2500. Generally, this year’s rallies could take the pair towards the resistance line at 1.4000.
![©](https://www.advfn.com/newspaper/wp-uploads/2013/01/Monitorindices.jpg)
USDCHF
Primary trend: Bearish
The USDCHF pair has been caught in some moderate bearish mode – save for the last bullish week (December 31, 2012 – January 4, 2013). Ultimately, the price on this market could fall towards the support level at 0.8000, even breaking it downwards in this year. We should note that this assumption does not rule out the possibilities of short-term and medium term rallies in this context of the overall southward bias. These rallies could take the price to the support levels at 0.9500 in the near term and 0.9900 in the medium term. But the US Dollar and the Swiss Franc would not come to parity this year.
GBPUSD
Primary trend: Bullish
The Cable is in for an exciting year, as a new Governor of the Bank of England is expected to assume office by the middle of this year. There are chins in the air, and I can say without mincing words that the Cable would trend upwards for the most past of the year 2013 – though there would be some southward corrections along the way. The corrections might push the price lower to the accumulation zone at 1.6000, and another accumulation zone at 1.5500 (this may be the worse-case scenario for the year). Normally, the primary trend should take the price towards the distribution zone at 1.7000.
USDJPY
Primary trend: Bullish
For about 15 weeks, this pair has been in a significant bullish mode. Can we say that the price has gone too far (when most indicators are showing overbought conditions)? Nope. It is yet assumed that the price would continue going upwards, and may do so for the rest of this year. At least this rally would eventually reach the supply territory at 89.00; going towards the supply territory of 90.00. The northward move would be slow but steady. On the downside, some near-term and medium-term bearish retracements could take the price towards the demand territories at 88.00 and 87.50 respectively.
EURJPY
Primary trend: Bullish
This cross is in a bullish mode, and would be predominantly bullish for the most part of this year, with some pullbacks along the way. Talking about these expected pullbacks, the price might retrace towards the demand territory at 115.00 in the near term. Experienced intraday market speculators would be proffered with excellent money-making opportunities when these pullbacks materialize. In the medium term, it might pull back towards the supply territory at 114.00. But in the long term, the primary trend might push the price upwards to the supply territory at 116.00, and eventually towards another supply territory at 117.00.
Conclusion: Current price levels are the products of buying and selling pressures in the markets. When there is a long trading signal, there would be a pullback at some point. This is the ideal place to enter a new long order (the same is also true of short side). For the analyses above, weekly charts are used.
This article is concluded with the quote below:
“Technical analysis is like a set of headlights on a car. It doesn’t show you all the way home, but it does illuminate a patch of ground ahead, allowing you to drive more safely, as long as you do it at a reasonable speed.” – Dr. Alexander Elder