EUR/USD: This pair is currently trapped in a
consolidating phase, though the major bias remains bearish. It is possible that
the price could break further downwards when momentum does return to the market
and that can take the price towards the support line at 1.2850.
USD/CHF: The USD/CHF is also in a kind of consolidation in the
context of an uptrend. It is possible that the price could break further
upwards when momentum does return to the market and that can take the price
towards the resistance level at 0.9400. The support level at 0.9300 is an
immediate barrier to a sudden pullback in the near term.
GBP/USD: There are mixed signals in the GBP/USD chart –
the EMAs 11 and 56 still show a bearish market, but the RSI period 14 has crossed
the level 50 to the upside. The rally in the market is now posing a
threat to the extant bearish outlook. Only time will tell whether the price
would rally more toward the distribution territory at 1.6300 or break down further
USD/JPY: This is a bullish market and the currency trading
instrument has the potential to keep on going northward. The price is now
trading above the demand level at 107.00 and it has the potential to reach the
supply level at 107.50.
EUR/JPY: More weakness in the Yen and a clean bullish
determination in the EUR have made the EUR/JPY cross gone upwards. As expected, there is now a Bullish
Confirmation Pattern in the market and the price is supposed to continue going
north, reaching another target at the supply zone of 139.00. Our target at
138.00 has already been exceeded.
The material has been provided by InstaForex Company – www.instaforex.com