EUR/USD: There is
now a Bullish Confirmation Pattern in the chart, which would become stronger as
the price manages to cross the resistance line at 1.2600 to the upside, closing
above it. Moreover, many strong economic figures are expected today and they
will have a serious impact on the markets.
USD/CHF: There is
now a Bearish Confirmation Pattern in this market, which would become stronger
as the price manages to cross the support level at 0.9550 to the downside, closing
below it. That support level was tested recently and it could be tested again,
especially in the face of continued strength in the CHF.
GBP/USD: This is a bear market, which is now trying to
go into positive correlation with its EUR/USD counterpart. As long as the price
is under the distribution territory at 1.5800, the market would be viewed as
being bearish. This means that the bearish outlook would come to an end once
the price crosses the aforementioned distribution territory to the upside.
USD/JPY has exceeded our target for this week, and the price continues its
upwards journey. The next target for this week or next week is at the supply
level of 118.00. With continuous weakness in the JPY, the target could be
EUR/JPY: This currency trading instrument is now very
strong. The EMA 11 is above the EMA 56, and the RSI period 14 is above the
level 50. This means it is rational to seek long trades, especially on
pullbacks. The bullish run may make the market reach the supply zone at 148.50.
The material has been provided by InstaForex Company – www.instaforex.com