pair has traded sideways over this week. A breakout would happen soon
– either to the downside or to the upside. A movement above the resistance line
at 1.1250 would mean a bullish breakout and a break below the support line at
1.1050 would mean a bearish breakout.
USD/CHF: What can
be seen in this market is consolidation to the upside. While the bearish bias
is still valid, a movement above the resistance level at 0.9400 would mean the
end of the bearish bias and the beginning of a bullish bias, which could take
the price towards another resistance level at 0.9500.
GBP/USD: GBP/USD has moved upwards by 200 pips this week. From the accumulation territory at 1.5400, the price rammed into the distribution territory of 1.5600. This bullish sentiment may continue to push the price further upwards, but any failure of the price to stay above the accumulation territories at 1.5500 and 1.5550 could result in a threat to the existing bias.
outlook on this currency trading instrument remains bullish unless the demand
level at 119.00 is breached to the downside. Should the USD gain more stamina,
the trading instrument could attain the supply level at 120.50.
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, testing the demand zones at 133.00 and 132.50.
The material has been provided by InstaForex Company – www.instaforex.com