EUR/USD: The
EUR/USD pair has continued its downward movement, which is supposed to continue even
further. Price has come down by 180 pips since Monday, now below the resistance
line at 1.1050 (which was our target for yesterday), and going towards the
support line at 1.1000, which is a great psychological area.
USD/CHF: This pair has moved
upwards by 120 pips this week. The EMA 11 is above the EMA 56 and the Williams’
% Range period 20 is in the overbought region. Price has entered the
psychological area at 0.9900 and there is a serious power tussle around that
place. In case bulls succeed in pushing price above that resistance level,
price would be able to target another resistance level at 0.9950. This is not
an easy task for bulls.
GBP/USD: This currency trading
instrument remains bearish, both in the long-term and short-term outlook. There is
a huge Bearish Confirmation Pattern in the market, and further downward
movement should be taken as sell-shorting opportunities. Some fundamental
figures are expected today and they would have an impact on the markets.
USD/JPY: This is a bull market.
The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50.
Here, any bearish retracements that are seen should be taken as opportunities
to buy long at better prices. The next target for bulls are located at the
supply level of 105.00, 105.50 and 106.00.
EUR/JPY: It
is better to stay away from this market right now, because there is no
directional movement (except one is trading on a very low time frame, going for quick
gains). We could wait till price goes above the supply zone at 116.00, showing
a bullish signal, or when price drops below the demand zone at 113.50, showing
a bearish signal.
The material has been provided by InstaForex Company – www.instaforex.com
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