EUR/USD: This pair rallied by 150 pips at least yesterday, but the bearish bias is not over. What can render
the bearish bias invalid is a condition in which the price goes above the
resistance line at 1.1050. If the price fails to cross above that resistance
line, a new lease of bearish movement might begin.
USD/CHF: The USD/CHF pair was
corrected lower yesterday. Unless the support level at 0.9500 is breached to
the downside, this would be seen as an opportunity to go long when things are
on sale and in the context of an uptrend. In case the USD gains stamina, the
pair may rally again.
GBP/USD: Irrespective of the recent consolidation,
there is still a clean bullish bias on the Cable. For the bullish bias to
continue being valid, the distribution territory at 1.5650 must be breached to
the upside. Otherwise, there could be a risk of a strong bearish correction this
USD/JPY: The USD/JPY pair went below the supply level at
124.50 yesterday. This is seen as a bearish correction in the context of an
uptrend, and it may offer another opportunity to go long at a better price.
However, this assumption will be valid only as long as the price is above the
demand level at 123.00 because a movement below that demand level would signal
a bearish bias.
EUR/JPY: This currency
trading instrument went upwards from the demand zone at 134.50 reaching the supply zone at 135.50. Unless the
price trends downwards again, further rally may render the bearish outlook
invalid. The greatest determinant of the movement itself is the euro.
The material has been provided by InstaForex Company – www.instaforex.com