EUR/USD pair is moving in a very dicey way now, though the outlook is bearish. For the outlook to
continue to be logical, the price needs to get to the support line at 1.0950;
otherwise there is a possibility of a rally.
USD/CHF: This pair still finds
it difficult to breach the resistance level at 0.9500 to the upside, though the
overall bias remains bullish. A failure to breach the resistance level at 0.9500
to the upside, or better, the failure of the price to close above that
resistance level would result in a massive sell-off.
GBP/USD: The northward movement that happened here on
Tuesday has led to a Bullish Confirmation Pattern in the market. The EMA 11 is
now above the EMA 56 and the RSI period 14 is above the level of 50. The price may
keep on going north, reaching the distribution territory of 1.5700.
USD/JPY: The ‘buy' signal for the
USD/JPY pair is still valid, though the price finds it difficult to breach
the supply level at 123.50 to the upside. In case the supply level is breached,
the next target may be the supply level at 124.00. Should this fail to happen,
there is a possibility of a bearish correction.
EUR/JPY: Would the price go upwards or
downwards? Only time would tell. It would be great to stay away
from the cross until a clear directional bias is confirmed.
The material has been provided by InstaForex Company – www.instaforex.com