EUR/USD: The market is bearish in the near term, though the movement is developing some
equilibrium propensity.The price is likely to go further
south. Any rallies here would proffer new short-selling opportunities.
USD/CHF: There is
a bullish signal on the USD/CHF chart and it would be valid as long as the support
level at 0.9250 is not breached to the downside. Unless that happens, any
short-term bearish corrections would be seen as an opportunity to buy long in
this market. The current dip may be a potential opportunity to buy.
market has gone down by 200 pips this week causing a morbid threat to the
recent bullish outlook. It is not logical to go long in this market
unless the distribution territory at 1.5800 is crossed to the upside. Any movement below the accumulation territory
at 1.5600 would result in a clean Bearish Confirmation Pattern (especially as
the market goes further downwards). By then, the EMA 11 would cross the
EMA 56 to the downside. The RSI period
14 is already below the level of 50.
currency trading instrument moved above the demand level at 123.50 threatening to slash above the supply level of 124.00. In case this happen, the next target would be the supply level at 124.50. However, a failure to do that could result in a smooth southward dive, making the price reach few demand levels.
EUR/JPY: There is
a vivid weakness in this market – it could go further downwards. However,
whatever happens to the EUR would determine the fate of the EUR/JPY. So, weak
EUR would mean a persistent bearish trend here.
The material has been provided by InstaForex Company – www.instaforex.com