pair still maintains the bearish outlook on it. The price is below the
resistance line at 1.2200, going towards the support line at 1.2150 (which is
our ultimate target). There is currently no big momentum in the market, but
when momentum does return to the market, the price would go further downwards.
USD/CHF pair is now consolidating in the context of a downtrend, being above the
support level at 0.9850. The ultimate target remains at the resistance level of
0.9900, though there are no important fundamental figures today.
testing the accumulation territory at 1.5500, the Cable bounced upwards,
reaching the distribution territory at 1.5550. It is possible that the Cable may go
above that distribution territory a little, but the present upwards bounce is a
great opportunity to sell short when things rally in the context of a bearish
USD/JPY: This is
a bull market. The price is above the EMA 56 and the RSI period 14 is above the
level 50. The bullish outlook is very strong and there is a high probability
that when momentum returns to the market, it would help push the price further
upwards. The ultimate target is at the supply level at 121.00.
EUR/JPY: After a bullish attempt on Monday, this market
has been trading sideways. However, the bias is already bullish and there could be a breakout to the upside soon. The
upwards breakout may enable the price to challenge the supply zone at 147.50 –
courtesy of the novel Bullish Confirmation Pattern in the chart.
The material has been provided by InstaForex Company – www.instaforex.com