EUR/USD: Needless to say, the EUR/USD pair went upwards,
just the opposite of what happened to the USD/CHF pair. The renewed bullish effort in
the market has led to «buy» signal. Thus, bulls could target the resistance
lines at 1.1150 and 1.1200.
several days of equilibrium movement, the USD/CHF pair broke out southward. This has
resulted in a Bearish Confirmation Pattern and the price, having gone down by
100 pips, has tested the support level at 0.9650. The next target for bears
might be the support level at 0.9600.
GBP/USD: In spite of stubborn resistance from bears, the cable continues to show its bullish determination. Since the price
has been able to stay above the accumulation territory at 1.5650, bulls
have been attacking the distribution territory at 1.5700. With further bullish
pressure, the distribution territory could be breached to the upside and the
price could stay above it.
USD/JPY: There is now a bearish outlook on the market
since the price broke below the EMA 56. The RSI period 14 is also below the
level 50. A test of the demand level at 123.50 would confirm bears'
seriousness. In addition to this, some fundamental figures are expected today
and they could have some impact on the USD.
EUR/JPY: It would still be preferable to stay away from
this market. The price trended downwards on Monday and Tuesday, but the bullish
effort on Wednesday has caused mixed signals on the chart. Had the price
trended downwards also on Wednesday, there could have been a predictable
bearish journey. Now, there is a need to wait and see what would happen next.
The material has been provided by InstaForex Company – www.instaforex.com