EUR/USD: The EUR/USD pair is very volatile right now, but the market remain bearish. Unless the resistance line at 1.1000 is broken to the upside, the bearish outlook would be valid. The price may drop again, testing the support line at 1.0850. The support level has been tested this week; and it would need to be broken to the downside so that the bearish trend might continue.
the majors, USD/CHF is one of few currency trading instruments which move in a
predictable manner this week. The price rose vividly and almost tested the
resistance level at 0.9850. This is a movement of roughly 200 pip, and the price is likely to break the resistance level to the upside this
week or next week.
GBP/USD: This pair consolidated to the downside on
Thursday, generating a ‘sell’ signal in the market. The ‘sell’ signal would become stronger once the accumulation territory at 1.5450 is tested. According to the
ongoing price actions in the market, it is not logical to seek long trades now,
because there is a bearish indication in the market.
USD/JPY: The USD/JPY pair failed to break the supply level at
125.00 to the upside, and things look like going into the equilibrium phase
again. However, the outlook for the pair remains bullish because the price would
not be really projected as weak until the demand level at 123.5 is broken to
EUR/JPY: This cross is showing a tendency to move
further upwards – though the situation is delicate. Any movement above
the supply zone at 137.00 would mean that the EMA 11 is already above the EMA
56; while the RSI period 14 would have gone above the level of 50. By then, there
would have been a Bullish Confirmation Pattern in the market.
The material has been provided by InstaForex Company – www.instaforex.com