EUR/USD: This is a bearish market, but further southward
movement has been rejected at the support line of 1.0850. The support line is a great obstacle to further southward movement, but it needs to be broken
to the downside so that the bearish trend could continue.
USD/CHF: The USD/CHF has moved
upwards by 150 pips this week. The price now hovers around the resistance level
at 0.9800 – which must be broken to the upside for the bullish trend to
continue. Should the price fail to break the resistance level to the upside, it may
be forced to test the support levels at 0.9750 and 0.9700.
GBP/USD: TThe GBP/USD pair is currently in a kind of equilibrium phase. For the past several trading days, the market has been volatile, but there is no clear direction. A breakout is likely to take place soon because of some fundamental figures which are due today. This data would have a huge impact on the cable. The price would go either above the
distribution territory at 1.5700 or below the accumulation territory at 1.5500.
A break above the aforementioned distribution territory will result in a
Bullish Confirmation Pattern, while a break below the accumulation territory at
1.5500 would result in a Bearish Confirmation Pattern.
USD/JPY: There has been a bullish breakout on this
currency trading instrument. The supply level at 125.00 has been tested and it
could be tested again. The supply level could also be breached to the upside
while the supply level at 125.50 could be reached today.
EUR/JPY: We advise to stay away from this market. The EMA 11 is below the EMA 56 but the RSI period 14 is
above the level of 50. These are mixed signals, butwe expact a strong
directional movement today or tomorrow.
The material has been provided by InstaForex Company – www.instaforex.com