pair is trending downwards now favoringe bears.
The initial bearish target would be the support lines at 1.1000 and 1.0950, which would be attained either this week or next week.
USD/CHF: The market is bullish owing to stamina of the USD. The price rose by 220 pips to above the support level at 0.9450 from the support level of 0.9250. Bulls will target for the resistance levels at 0.9500
and 0.9550 next. Moreover, some fundamental figures are expected today and they will
have impact on the markets.
GBP/USD: As forecasted, the GBP/USD pair broke below the distribution territory at 1.5650 testing the accumulation territory around 1.5600. The recent equilibrium phase is over resulting in a Bearish Confirmation Pattern. There is a possibility that this is the beginning of a protracted downtrend.
USD/JPY: We recommend to avoided the USD/JPY pair until it shows a
clean directional movement. There are short-term swings now, which could be
deceptive, but there would be a strong trending movement once the supply level
at 124.00 is breached to the upside or when the demand level of 122.00 is
breached to the downside.
cross would be largely moved by the events surrounding the euro. Hence, the
weaker euro has caused the cross to trend lower, forming a bearish signal. The
EMA 11 is below the EMA 56, while the price is below them. The RSI period 14 is
below the level of 50. Sell short.
The material has been provided by InstaForex Company – www.instaforex.com