Daily Trading Forecasts (September 7, 2012) True to what has been analyzed, most currency instruments were expected to continue in the direction of the new overall trend, except in a few circumstances. After some protracted consolidations, those pairs and crosses have broken out in the expected directions. EURUSD: This has been a bullish week for this pair. It has continued to move up above the EMA 21 as the Stochastic heads towards the overbought level. The resistance level at 1.2705 has already been tested and price could continue higher if it closes above that level. USDCHF: Contrary to what would be normally expected as a negative correlation movement, this market has continued to be rangebound, rather than give a clear direction. One will do well to stay out of it for now. GBPUSD: In spite of bearish corrections and pulls, the Cable has continued to go up. It has moved up by over 100 pips this week. The price is also above the EMA 21 as the Williamsâ % Range is around the overbought level. EURJPY: Based on what has been said, the bullish breakout that has started in the present context of an uptrend is expected to continue. Albeit there could be some correction to the downside before the upward journey is resumed.