EUR/USD: There has been a breakout away from the recent consolidation phase on this currency trading instrument. The EMA 11 has just crossed above the EMA 56 to the upside, while the Williams’ % Range period 20 is now into the overbought region. This points to bullish momentum, which may push the price further upwards.
USD/CHF: This currency trading instrument has continued to consolidate to the downside. The recent bullish effort on the EUR/USD applies an indirect pressure on the USD/CHF; plus the outlook may become bearish in case the price goes below the support level of 0.9600. Next week would really determine the next direction of this market.
GBP/USD: Now the GBP/USD pair is bullish in the medium term, having moved upwards by over 280 pips, thus leading to a Bullish Confirmation Pattern in the 4-hour chart. There is a possibility that the price may test the distribution territory around 1.5550 today or next week.
USD/JPY: There is a ‘buy’ signal on the USD/JPY, which would be valid as long as the price stays above the demand level at 120.00. The price could reach the supply levels at 121.50 and 122.50 very soon. Nevertheless, any movement below the demand level of 120.00 would render the ‘buy’ signal ineffectual.
EUR/JPY: This cross has gone upwards by 330 pips this week, closing above the demand zone around 136.00. The next target for bulls is the supply zone of 137.00. As EUR struggles for more stamina and the yen is weakened further, this cross might even experience a stronger bullish trend.
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