EUR/USD: This pair traded sideways on Tuesday that could be called a consolidation to the upside. The price is likely to try the resistance line at 1.1400, but further development on Wednesday or Thursday would determine what would eventually happen here. A failure to go above the resistance line at 1.1400 could threaten the current bullish bias.
USD/CHF made a faint attempt to continue its bullish journey, which was being
challenged now and then by bears. A movement above the resistance level of 0.9700 would reveal bulls’ intention to push the price further northwards.
Nonetheless, a movement below the support level of 0.9550 would lay emphasis on
a bearish outlook.
GBP/USD: This pair is rather weak now. There is a Bearish
Confirmation Pattern in the chart: the EMA 11 is below the EMA 56 while the RSI
period 14 is below the level 50. It is expected that the GBPUSD would be
attaining lower highs and lower lows in days to come. The accumulation
territory at 1.5300 has been tested and it could be breached from the downside.
USD/JPY: The USD/JPY pair has fallen by 200 pips this week, comming closer to the demand level at 119.00. With further bearish pressure in the market, other demand levels at 118.50 and 118.00 could be tested today or tomorrow. Any movement above the supply level of 120.00 would render this bearish outlook invalid.
EUR/JPY: As it was mentioned yesterday, the breakout
that was seen on this cross favored bears. The yen is clearly stronger
than the EUR enabling the demand zone at 135.00 to be tested vigorously.
Another vulnerable demand zone is located around 134.50.
The material has been provided by InstaForex Company – www.instaforex.com