EUR/USD: The EUR/USD pair continues to drop further south, owing to the strength in the USD and weakness in the EUR. Long trades are currently as the price could test the support lines at 1.0900 and 1.0850 this and next week.
USD/CHF: The USD/CHF pair continues
to move further and further north because of the strength in the USD and the
weakness in the CHF. Short trades do not currently make lots of sense on this
market (this is a bull market), and the price can break the resistance
level of 0.9700 to the upside. Should this occur, the next target would be the
resistance level at 0.9800 this or next week.
GBP/USD: This is the bullish market – the currency trading instrument
is making bullish efforts. This
has resulted in high volatility of the market. There are distribution territories of 1.5650 and 1.5700. There are also accumulation territories around 1.5550 and
USD/JPY: This pair has been making slow and consistent
northward journey. The price is above the EMA 56 and the RSI period 14, above
the level of 50. There is a Bullish Confirmation Pattern in the chart as the
next area to be breached is the supply level at 124.50.
EUR/JPY: There are mixed signals on this market and
therefore it would be better to stay away from it until there is a clear directional
movement. The market is in a kind of equilibrium phase, but there could be
a breakout above the supply zone at 137.00 in the near tirm or a breakout below the demand zone
The material has been provided by InstaForex Company – www.instaforex.com