price has mostly been consolidating this week. The EMA 11 is below the EMA 56,
and the Williams’ % Range is often in the oversold territory. There is a strong
Bearish Confirmation Pattern in the 4-hour chart, and bears could push price
further downwards toward the support lines at 1.0500, 1.0450 and 1.0400.
USD/CHF: This is a bull market. Price
is now above the support level at 1.0150, going toward the resistance levels
at 1.0200 and 1.0250. Any corrections or pauses seen in this market would
signal opportunities to buy long. The silence in this market would soon be
broken by a rise in momentum, which would most probably favor bulls.
GBP/USD: The GBP/USD is choppy
and directionless, though the overall bias remains bearish (especially in the
bigger timeframe). It is better to stay away from the market until a
directional movement occurs to the upside or to the downside, by at least, 200
USD/JPY: The USD/JPY has gone
upwards by 270 pips this week, in one of the strongest bullish movements on
popular JPY pairs. Since the low of November 9, price has gone upwards by 1220
pips, and bulls are still willing to push price further upwards within the next
few trading days.
cross has gone upwards by 210 pips this week – having gone upwards by 590 pips
since the low of November 9. The movement on the USD/JPY has been stronger than
the movement on the EUR/JPY, because USD is strong while EUR is weak. So
EUR/JPY was able to move upwards because JPY is weaker than EUR. Price is now
above the demand zone at 119.50, going towards the supply zone at 120.00.
The material has been provided by InstaForex Company – www.instaforex.com
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