EUR/USD: EUR/USD moved upwards by 300 pips last week; rising from the support line at
1.1150 and closing around the resistance line at 1.1450. There is a possibility that the price would
go further upwards this week, as bulls target the resistance lines at
1.1500 and 1.1550.
USD/CHF: The USD/CHF pair dropped last week testing the support level at 0.9100. The outlook for this market is bearish for this week, especially in the face of the current strength in the EUR/USD pair (which would keep USD/CHF under selling pressure). Another factor is that CHF could get stronger this week.
This would also
have effect on the CHF pairs.
optimism and positive sentiment emanating from the UK are the reason why the cable remains strong. As long as the price stays above the accumulation
territory of 1.5600, there cannot be a serious threat to the existing bullish
bias. Bulls may target the distribution territories at 1.5850 and 1.5900
and position traders would do well to stay away from this market, which has
essentially been consolidating for several weeks in a row. The price oscillates
between the demand level at 118.50 and the supply level at 120.50. It is only a
break beyond any of the aforementioned demand and supply levels that would
probably result in a clear directional bias.
EUR/JPY: From the
demand zone of 133.50, this cross journeyed by over 300 pips upwards closing
at 136.60 on Friday, May 15, 2015. The next movement of the price would be
determined by the conditions of EUR itself; but right now, there is a clear
Bullish Confirmation Pattern in the market.
The material has been provided by InstaForex Company – www.instaforex.com