Friday, March 27, 2015, this pair closed at 1.0887 on a slight bullish note.
The bias is still bullish while there are support lines at 1.0750 and 1.0700.
Moreover, there are resistance lines at 1.1000 and 1.1050. There must be a
break above the resistance lines or below the support lines for the trend to
continue in favor or against bulls.
USD/CHF: In spite of some visible effort of bulls to push the price upwards, the market is still bearish. The only thing that can
render bearish outlook useless is an event that causes the price to go
above the resistance level at 0.9800 first, and then 0.9850 later. If the
current weakness in USD continue, the price could retest the support line
at 0.9500, which was tried last week.
GBP/USD: The cable moved only sideways throughout last week, with neither bulls nor bears gaining the upper hand. As long as bulls and bears have equal stamina, the sideways movement can continue until a rise in momentum, which could cause an imbalance on the market. The imbalance is likely to favor bulls.
USD/JPY: This is
a weak currency trading instrument. There is a clean Bearish
Confirmation Pattern on the market and the demand level at 118.50 could be
tested. On the other hand, some weakness in the yen is expected this week or
next week, which may cause this instrument to rally eventually.
situation on this cross is dicey and one needs to wait to know the next
price action before taking a position. The bullish gain that was realized last
week has nearly been forfeited, but a possible rally might cause the recent
bullish outlook to become more significant.
The material has been provided by InstaForex Company – www.instaforex.com