Bullish Confirmation Pattern on this currency trading instrument is still valid. In spite of the desperation of bears, bulls are still able
to maintain their stand. A movement above the resistance line at 1.1350 would
mean a new phase in the bullish journey.
USD/CHF: This is
a weak market because the EMA 11 is below the EMA 56 and the Williams' %rRange
period 20 is around the oversold region now. However, the
price needs to go below the support level at 0.9250. So, the bearish outlook can
become more vivid.
GBP/USD: The cable has been making gradual bullish attempt; and the attempt is considered weak. Unless the distribution territory at 1.5450 is broken to the upside,we do not advise to go long in the market.
A movement below the current price position would simply enforce the
existing dominant bias, which is bearish.
USD/JPY: The USD/JPY has been coming down since the beginning of this week (dropping by 120 pips). The price is currently consolidating and it may break upwards or downward slater. A downward break may cause the price to go below the demand level of 123.00 and this would result in a new bearish formation. A break to the upside would simply reinforce the recent bullish bias.
EUR/JPY: The EUR/JPY pair still has potential to go further upwards, proving that EUR is strong and the yen is weak. In the context of an uptrend, there is a serious volatility; the supply zone at 141.00 could be breached to the upside soon.
The material has been provided by InstaForex Company – www.instaforex.com