currency trading instrument has been in a trendless situation for a few weeks.
Even news releases that are supposed to affect the EUR and the USD have minor effects on the instrument.Very
soon, there would be a rise in momentum this market and it would be nice to
wait till then.
USD/CHF pair is also caught in an equilibrium phase as the price is wandering around
the resistance level at 0.9500. The outlook is bullish in the near term: the
EMA 11 is above the EMA 56 and the Williams’ % Range period 20 is poised to
move into the overbought region, in case the buying pressure continues. On the
other hand, any development of serious buying pressure in the EUR/USD pair would
cause USD/CHF to tumble.
GBP/USD: GBP/USD remains the only trending pair among most majors. Most majors are
currently consolidating, while the GBP/USD pair is still capable to climb higher. The
price is now above the accumulation territory at 1.5500. It would soon
reach the distribution territory at 1.5550. Some fundamental figures are
expected today and in addition, they would have impact on the markets.
USD/JPY: A clear directional movement
is expected in this market and it might be OK to wait until there is such. As it is said earlier
this week, it is either the price goes below the demand level at 118.00 or
above the supply level at 120.00.
EUR/JPY: This market is currently in an equilibrium
phase and it would be OK to wait until there is a break below the demand zone
at 134.00 or a break above the supply zone at 136.50. The latter action is more
likely, because bulls are ready to fight against any southward plunge in
the near term.
The material has been provided by InstaForex Company – www.instaforex.com