markets are not currently active. There are also no strong fundamental figures
coming out today, but it is very interesting to note the current situation of
the major pairs before momentum returns to the markets. The EUR/USD pair is on
a bearish note and price could continue going further downwards next week.
USD/CHF pair is now consolidating in the context of an uptrend, being above the
support level at 0.9850. The ultimate target remains at the resistance level of
0.9900, and it could even be breached to the upside.
GBP/USD: This is
a weak market and it could continue its weakness. There is a Bearish Confirmation
Pattern in the market and the price is below the distribution territory at 1.5600,
which should act as a serious barrier to the bulls’ interest. From the current
position, the price may dive further, reaching the accumulation territory at 1.5500
again. This accumulation territory has once been tested this week.
currency trading instrument is bullish and it ought to continue as such. 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: The EUR/JPY pair is currently in a precarious
situation; for the price is now between the supply zone at 147.00 and the
demand zone at 146.00. It is either the price breaks above the supply zone upwards
or it breaks below the demand zone downwards. However, a break above the supply
zone at 147.00 is more likely.
The material has been provided by InstaForex Company – www.instaforex.com