market is consolidating in the context of an uptrend, though it is assumed that
it would resume its northward journey when the consolidation pans out. The
resistance line at 1.1050 is the next target for bulls.
USD/CHF: This pair is consolidating in the context of a
downtrend, though it is assumed that it would resume its southward journey when
the consolidation pans out. The support level at 0.9500 is the next target for bears. Moreover, some fundamental figures are coming out today and they may
have impact on the market.
GBP/USD: The сable is currently in an equilibrium phase, especially since the beginning of
this week. The market has not moved significantly in a directional manner: as
it oscillates between the distribution territory at 1.5000 and accumulation
territory at 1.4800. There ought to be a break above the aforementioned
accumulation territory or below the distribution territory, so that a vivid
direction can be observed.
USD/JPY: Owing to
the weakness in USD, this currency trading instrument has a bearish bias towards it. The market may journey further southwards, as bulls remain helpless in
halting the situation. The only thing that can change the outlook is the event
that causes the trading instrument to close above the supply level at 121.00.
this market is now moving sideways in an uptrend, it would soon break out further
to the upside, continuing its bullish journey. Why? The EMA 11 above the EMA 12
and the RSI period 14 is above the level of 50. So, coupled with the price action,
the bullish expectation is rational.
The material has been provided by InstaForex Company – www.instaforex.com