pair has skyrocketed as a result of stamina in the euro. This has affected
other EUR pairs, like EUR/CAD and EUR/JPY. The market could continue its
bullish journey because the Bullish Confirmation Pattern in the market is very strong now.
USD/CHF: There is
a new sell signal on the USD/CHF pair. The EMA 11 is below the EMA 56 and the
Williams' % Range period 20 is in the oversold situation. This means that current weakness in the market is formidable enough to allow further southward
GBP/USD: There is a strong bullish attempt in a context of a downtrend now. Two things are possible: a movement above the distribution territory at 1.5500 would mean that
the current downtrend is over or a movement below the accumulation territory at
1.5300 would result in a continuation of the downtrend, which would mean that
the current bullish attempt is just a good opportunity to sell short.
market has corrected lower, resulting in forfeiture of bullish gains made this week. The bias is still bullish and this would be valid unless the demand level at 122.00 is breached to the downside. This would require
a very strong bearish pressure.
EUR/JPY: Since the current bullish journey started from the demand zone of 133.50, the EUR/JPY pair has been moving upwards by 500 pips, closing above the demand zone of 138.00 and coming very close to the supply zone around 138.50. Except for some occasional dips, the price is expected to continue its strong bullish journey.
The material has been provided by InstaForex Company – www.instaforex.com