EUR/USD: The
bulls tried seriously to push this pair upwards, but following the volatility
we witnessed here last week on Thursday, the price came down on Friday. This has
resulted in a “sell” signal in the market – further bearish movement is possible
this week. But this does not rule out the possibility of an upward bounce,
which might not threaten the current “sell” signal unless the resistance level
at 1.1450 is overcome by the bulls.
USD/CHF: The bears threatened to
push the USD/CHF pair lower, but their effort was thwarted on Wednesday as the price
started moving upwards. This has resulted in a Bullish Confirmation Pattern in
the market. The price, which closed above the support level at 0.9750, would
reach the resistance levels at 0.9800 and 0.9850 this week. The only hindrance
to this bullish bias would be an expected rally on CHF, which might affect
CHF pairs.
GBP/USD: As it was forecasted at
the beginning of last week, GBP was able to rally against some majors, as
witnessed on GBP/CHF, GBP/NZD, EUR/GBP, GBP/JPY etc. GBP/USD was also able to
rally last week, starting from the accumulation territory at 1.4150 and
reaching the distribution territory at 1.4450. This is a movement of 300 pips,
and further bullish journey is possible this week. It is also possible on GBP pairs.
USD/JPY: Following the minor gap
down into the demand level at 108.00 at the beginning of last week, this
currency trading instrument started a bullish journey, which occurred gradually
and gained momentum on Friday, April 22, 2016. The price closed above the demand
level at 111.50; poised for further northward movement, which would be at
least 150 pips this week. As an aside, JPY pairs might also be weakened before
the end of the month. Please watch JPY pairs.
EUR/JPY: There
is now a Bullish Confirmation Pattern on the EUR/JPY chart. The price moved upwards
by 360 pips last week, and it could move further upwards this week. Short
trades are no longer advisable here until there is an indication of the bears’
hegemony, which is possible before the end of April 2016.
The material has been provided by InstaForex Company – www.instaforex.com
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