EUR/USD: Since the EUR/USD pair reached the resistance line
at 1.1700, it has come down by 380 pips. However, the bullish outlook is not invalidated yet, unless the support lines at 1.1200 and 1.1150 are breached to
the downside. Without this happening, there could be some bullish attempts.
the USD/CHF pair tested the support level at 0.9300, it has come upwards by 250
pips. In the context of a downtrend, the price is testing the resistance
level at 0.9550 now, but the downtrend cannot be invalidated unless the resistance
levels at 0.9600 and 0.9650 are broken to the upside. Should price fail to do
this, bears may try to push the price lower.
GBP/USD: While in a bullish mode, the cable tested the distribution territory around 1.5800, but it could not go further than that. Bears came in and pushed the price significantly downwards. From that distribution territory, the price plunged by 350 pips, testing the accumulation territory at 1.5450. This resulted in a nice Bearish Confirmation Pattern in the chart; and further bearish journey is expected.
USD/JPY: This currency trading instrument is currently
consolidating while the downtrend still holds. The EMA 11 is below the EMA 56
and the RSI period 14 remains below the level 50. This shows that the bearish
outlook is still valid. Some fundamental figures which are expected today could
have an impact on this market.
EUR/JPY: There is now a ‘sell’ signal on this cross,
for the price has dipped by 300 pips this week. This is due to the great strength
in the yen (as seen on other JPY pairs): therefore long trades are not
recommended right now. This is a volatile market.
The material has been provided by InstaForex Company – www.instaforex.com