EUR/USD: EUR/USD bulls has kept chin up in spite of a bullish effort to
pull down the price. The bias is bullish. It has been maintained
throughout this week. Further buying pressure could push the price towards
the resistance line at 1.1450.
USD/CHF: After breaching the resistance level at 0.9250 to the downside, this pair broke another resistance level at 0.9200 reaching the support level at 0.9150. An upward bounce took place after the support level had been tested. That could prove if the price fails to break above the resistance level of 0.9350, bears would remain in control.
GBP/JPY has been trending upwards strongly, breaking one distribution territory
after the other. The price has gone upwards by 350 pips this week, and the next
target is seen to be breached by bulls is the distribution territory of 1.5950. The
distribution territory at 1.5900 has already been tested and it may be breached
to the upside.
USD/JPY: The USD/JPY pair made a breakout to the downside, which resulted in a sell signal on the market. A test of the demand level at 122.00 would result in a strong Bearish Confirmation Pattern in the chart, which is likely to boost further bearish movements.
EUR/JPY: This is
also a bullish market – the EMA 11 is above the EMA 56, and the RSI period 14 is
above the level of 50. The price may go further north from here, unless there is a
noteworthy weakness in EUR.
The material has been provided by InstaForex Company – www.instaforex.com