EUR/USD: This pair simply traded sideways on Tuesday,
without any directional movement. The price would either break above the
resistance lines at 1.1250 and 1.1300; or break below the support lines at
1.1100 and 1.1050. A break above the aforementioned resistance lines is more
USD/CHF: This market remains bullish, for the price has gone upwards in a slow and
steady manner, against all odds. The EMA 11 is above the EMA 56 and the
Williams’ % Range period 20 is around the overbought region. This signifies a
Bullish Confirmation Pattern in the chart. The price has already reached the
resistance level at 0.9800 and it has tested it several times. With more efforts,
the resistance level would be overcome. On the other hand, a surge of strength in
the EUR/USD might send the USD/CHF southwards.
GBP/USD: This currency trading instrument has gone
upwards by 220 pips this week, running into the distribution territory of 1.5400. Should the price move further upwards by 200 pips, the outlook would
turn bullish. This means that the price must first go above the distribution
territory of 1.5400 in order to perform a bullish attempt to continue holding on.
USD/JPY: The Bearish Confirmation Pattern remaines intact in this chart. There is a possibility that the demand
levels at 119.00 and 118.50 could be tested any day; serious weakness
in the yen could cause strengthening in USD against the yen.
EUR/JPY: The EUR/JPY cross has moved upwards by 140 pips this week. Though the overall outlook remains bearish. Only a movement above the supply zone at 135.50 would result in a clear bullish bias; otherwise, this could be another opportunity to sell short at better price.
The material has been provided by InstaForex Company – www.instaforex.com