EUR/USD: After testing the support line at 1.0900, the EUR/USD pair has bounced upwards by 100 pips. Nevertheless, the overall bias remains bearish and unless the price goes above the resistance line at 1.1150 (which would require a serious buying pressure), the bias would remain bearish. The support line at 1.0900 could be tested again.
testing the resistance level at 0.9950, the USD/CHF has corrected
downwards by 80 pips. Nevertheless, the overall bias remains bullish and unless
the price goes below the support level at 0.9700 (which would require a serious
selling pressure), the bias would remain bullish. The resistance at 1.9950
could be tested again.
GBP/USD: Bears have almost lost this week’s
gains on the Cable. The price first went downwards, reaching the accumulation territory
at 1.5250, but then the price could not go beyond it. From
that territory, the price rallied in the near term, reaching the distribution
territory at 1.5350. Further upward movement could render the current
bearish outlook invalid.
USD/JPY: Although the current
outlook on this pair is bullish, the price has not made any serious directional
movement this week. What can be seen in the chart is alternating movements
between bulls and bears. The price needs to continue moving upwards,
otherwise, the market could enter another equilibrium phase.
EUR/JPY: Irrespective of the
recent bullish effort here, it can still be said that the outlook for this cross
is bearish. The EMA 11 is below the EMA 56 while the RSI period 14 is below the
level 50. More bearish movements are possible.
The material has been provided by InstaForex Company – www.instaforex.com