currency trading instrument will be a major determinant of the movement of USD/CHF and EUR/JPY this week. So, keep a close watch on it.
pair is trying to make a rally in the context of an overall bearish bias. This
week, the event on the pair would be dictated by what happens to the EUR/USD pair
itself. Unless there is a vivid weakness in EUR/USD, the present rally on
USD/CHF would result in nice opportunities for bears to enter at short
at better prices.
outlook for the Cable this week and this month is bearish – though the current
bias is bullish. The current bullish bias is largely determined by positive
sentiment and optimism emanating from the UK. This bullish sentiment may
continue to push the price further upwards, but any failure of the price to
stay above the accumulation territories at 1.5250 and 1.5200 could result in a
threat to the existing bias.
condition on USD/JPY is precarious now because the market is currently
volatile, with upswings and downswings being short-term in nature. Position and
swing traders may do well to stay away from this market until there is a protracted
movement in one direction. Meanwhile, the market is favorable to scalpers and
EUR/JPY: TThis week, the event on the EUR/JPY cross would largely be determined by the strength in EUR itself. Should EUR continue to maintain its stamina, the cross would continue its bullish journey, testing the supply zones at 136.00 and 136.50. Any significant weakness in EUR would cause the cross to plummet.
The material has been provided by InstaForex Company – www.instaforex.com