strength in EUR is very important as that it keeps the EUR/USD pair (as well as
certain EUR pairs) strong. It also keeps the USD/CHF under selling pressure.
The price has already moved upwards by 230 pips this week and the resistance
line at 1.1400 is likely to be tested easily.
USD/CHF: The USD/CHF pair plunged further south as a result of weakness in USD. The price has dropped by 170 pips, almost testing the support line at 0.9150. Today, news releases would affect USD and would have some impact on this pair.
GBP/USD: The Cable has moved upward by around 340 pips this week. Any bearish retracements here would provide bulls with opportunities to enter the market at lower prices while the major trend is bullish. The trend is not over until it is actually over.
currency trading instrument is moving in a clear direction now – thanks to the
weakness in the USD. The price has crossed the EMA
56 to the downside and the RSI period 14 is below the level of 50. There is a
Bearish Confirmation Pattern in the chart. The price could fall below the
notorious demand level at 119.00.
thing is clear: this cross cannot drop significantly as long as EUR is
strong. There is still a clean bullish signal for the cross and the supply
zones at 136.00 and 136.50 could be tested. There are also demand zones at
133.50 and 133.00.
The material has been provided by InstaForex Company – www.instaforex.com