currency trading instrument has been trying to recover the loss it sustained at
the beginning of this week. From Monday till Tuesday, the price dropped by 100
pips. But starting from Tuesday, the price has risen by over 100 pips, going
towards the resistance line at 1.1250. Bulls may hold out longer than most
USD/CHF pair has succeeded in going below the resistance level at 0.9300. The
support level at 0.9250 has been tested and it would be tested again. It might
even be breached to the downside. As it was said yesterday, this pair would
remain under selling pressure as long as the EUR/USD pair is strong.
GBP/USD: Bears have made their effort visible on the GBP/USD pair, though bulls are also
fighting hard to hold sway. The probability of the price going downwards is
higher than the probability of the price going upwards. Unless the distribution
territory at 1.5300 is overcome, there would not be a renewal of a Bullish
Confirmation Pattern in this market.
USD/JPY pair still remains on a bull market. The price is above the EMA 21 and
the RSI period 14 is not below the level 50. The present shallow pullback might
be another opportunity to buy long, for there cannot be a threat to the bullish
bias unless bears succeed in pushing the price below the demand level at
EUR/JPY: This is
a strong cross – which would continue its bullish journey as long as there is
stamina in the euro. The best approach now is to buy on dips in the market.
The material has been provided by InstaForex Company – www.instaforex.com