EUR/USD: There is
a bearish signal on the EUR/USD chart and it would be valid as long as the resistance
line at 1.1300 is not breached to the upside. Unless that happens, any
short-term rally would be seen as an opportunity to go short on this market.
USD/CHF: There is a bullish signal on the USD/CHF chart and it would be valid as long as the support level of 0.9250 is not breached to the downside. Unless that happens, any short-term bearish correction would be seen as an opportunity to go long on this market.
GBP/USD: The cable lost 160 pips so far this week. This has become a morbid
threat to the recent bullish bias. A movement below the accumulation territory around 1.5650 would be the end of the recent bullish bias, especially when the
price closes below the accumulation territory. The probability of a downward
movement would be higher then.
USD/JPY: This currency
trading instrument moved above the demand level at 123.50, threatening to slash
above the supply level at 124.00. Should this happen, the next target would be at 124.50. However, a failure to do that could result in a
smooth southward dive making the price reach demand levels.
EUR/JPY: There is
a Bearish Confirmation Pattern in this market: the EMA 11 is below the EMA 56
and the RSI period 14 is below the level of 50. With further weakness in EUR,
the demand zones between 137.50 and 136.50 could be overcome. This could happen this
week or the next one.
The material has been provided by InstaForex Company – www.instaforex.com