EUR/USD: This pair was forced to break out to the
downside, owing to the bullish direction of the USD/CHFpair. The price is now below
the resistance line at 1.0900, and it may reach support lines at 1.0850 and 1.0800
today or this week. The resistance line at 1.0900 is now an obstacle to any
rallies on the market.
USD/CHF: As it was expected, the USD/CHF pair was able to go above the recalcitrant support level at 0.9700 (which was formerly a resistance level). The price is now above the support level of 0.9750, going towards the resistance level at 0.9800. This is the target for today.
GBP/USD: The volatility is currently high on the cable without bulls or bears gaining upper hands. The price will either break above
the distribution territory at 1.5650 or break below the accumulation territory
at 1.5550. A breakout to the downside is most likely to take place.
USD/JPY: Because of the US dollar’s stamina, this
currency trading instrument went higher on Tuesday. This has resulted in a
«buy» signal on the market, and the supply level at 124.50 could be tested
easily. In case this happens, the price could target another resistance level
at 125.00. This outlook, however, does not rule out the possibility of a
EUR/JPY: What has happened on this cross has already caused what could be called the beginning of a Bullish Confirmation Pattern in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. This could be a start of a serious bearish journey, owing to a possibility of a serious tamina in the yen.
The material has been provided by InstaForex Company – www.instaforex.com