EUR/USD: In spite
of the effort of bears to break the support line at 1.1150 to the downside,
the market remains bullish. Bulls are also fighting to frustrate the effort
of bears and there is no chances for bullish bias as long
as the price is above the aforementioned support line.
USD/CHF: Owing to
the recent easing of stamina in the EUR/USD pair, USD/CHF made some conspicuous
bullish attempt but it was not able to break the resistance level at 0.9350 to the
upside. For the bias to turn bullish the resistance levels at 0.9350 and 0.9400
must be broken to the upside, otherwise things would be bearish as long as the
price stays at the resistance levels.
GBP/USD: This week, the GBPUSD has moved upwards by 280 pips; the distribution territory at 1.5700 is under siege of bulls. If that distribution territory gets broken to the upside, the price would move towards other distribution territories at 1.5750 and 1.5800.
USD/JPY: This is
a ranging market with erratic price behavior. Swing and position traders should
stay away from this market until there would be a serious movement in any direction. The market is only great for scalpers.
EUR/JPY: In spite
of the effort of the bears to push the price downwards, there is still a
Bullish Confirmation Pattern in this market. The EMA 11 is above the EMA 56 and
the RSI period 14 has not crossed the level of 50 to the downside. Any data from the eurozone could drive the market further upwards.
The material has been provided by InstaForex Company – www.instaforex.com