EUR/USD: On Thursday, it was proven that the rally
attempt we saw on this pair was merely a means to sell higher in the context of
a downtrend. The price made some bullish efforts, but it could not reach the
resistance line at 1.1300. There has been another bearish run, which has
emphasized the extant bearish outlook.
USD/CHF: The USD/CHF pair is still in a bullish mode as it was made evident by the price action of yesterday. The price made some bullish attempts, and now the pair is close to the resistance level at 0.9800, which is a formidable barrier to bulls’ interests. There is a need for the resistance level to be breached to the upside, so that the bullish journey can continue.
GBP/USD: The Cable has now dropped by nearly 350 pips this week, moving close to the accumulation territory at 1.5200. There is a
Bearish Confirmation Pattern on the chart: the EMA 11 is below the EMA 56 and
the RSI period 14 is below the level 50. It is expected that the bearish trend
USD/JPY: This is a strong equilibrium market in which
there is no clear uptrend or downtrend. It is better to stay away from the
market until there is a reliable breakout from the strong equilibrium phase;
and this would require at least, a movement of 200 pips upwards or downwards.
EUR/JPY: Just like the EUR/USD pair,
this cross is also on a bear market in spite of the recent rally in the context of
a downtrend. Only a movement above the supply level at 136.00 could render the
bearish outlook invalid. But right now, the rally attempt has eased, which
could lead to further bearish run.
The material has been provided by InstaForex Company – www.instaforex.com