EUR/USD: The bias
on the EUR/USD pair remains bearish in spite of bull’s effort to push price
upwards. Rallies into the resistance lines at 1.2500 and 1.2600 should be seen
as short-selling opportunities (for price may go further downwards from there).
It is only a break above the resistance line at 1.2600 that can render the
bearish bias invalid.
USD/CHF: The bias
on this pair remains bullish in spite of the bearish attempt on it. Pullbacks
into the support levels at 0.9600 and 0.9550 should be seen as good offers to
buy long, unless price breaks the support level at 0.9550 to the downside. In
that case, the bias could turn bearish.
GBP/USD: The Cable is weak, even weaker than EUR/USD.
Therefore, long trades are not currently recommended unless price breaks the
distribution territory at 1.5800 to the upside. In the near-term, price may
touch the accumulation territories at 1.5600 and 1.5550.
ultimate target for USD/JPY is at the supply level of 119.00, and price is now
close to that target. With further strength in the market, the supply level can
be breached to the upside as the bulls continue to push price up. In that case,
the next target could be the supply level at 119.50.
EUR/JPY: This cross moved upwards at the beginning of
last week and then moved sideways; before breaking further upwards on Friday.
As expected, momentum has returned to this market and it has resumed its
upwards journey. This has happened following the short-term base that was built
by the sideways movement that occurred last week. The ultimate target is at the
supply zone of 149.00 – which would be reached only with significant strength
in the market.
The material has been provided by InstaForex Company – www.instaforex.com