sudden weakness in the EUR/USD pair on Friday has resulted in a very strong bearish
bias. The pair may be weak for the rest of this month, as the EUR continues to
be battered. The price closed below the resistance line at 1.2400, and the next
target may be the support line at 1.2350.
sudden strength on the USD/CHF pair on Friday has resulted in a very strong bullish
bias. The pair may be strong for the rest of this month, as the USD continues
to be uplifted. The price closed above the support level at 0.9650, and the
next target may be the resistance level at 0.9750.
GBP/USD: Generally, the bias on the Cable is bearish.
It is very much likely that the price would hit the accumulation territory at
1.5600, but the price is unlikely to break that territory to the
downside. After the price tests that accumulation territory, there could be a
rally in the market.
currency trading instrument trended strongly last week, but there is now a mild
pullback in the context of an uptrend. This proffers a good opportunity to buy,
for the bullish bias may still continue till December 2014.
EUR/JPY: This market trended strongly last week, but
after testing the supply zone at 149.00, there was a significant correction – a
downward move of close to 300 pips from that supply zone. The downward move was
augmented by the weakness in the EUR itself. One needs to note that the overall
outlook is still upwards and the price may trend upwards from here.
The material has been provided by InstaForex Company – www.instaforex.com