EUR/USD: There is a bullish
signal on the EUR/USD pair, and just as it was forecasted earlier this week, price
is expected to go further northwards. The market moved up beyond the support
line at 1.0750 yesterday, targeting the resistance lines at 1.0800, 1.0850, and
1.0850. This bullishness would be sensible as long as price does not go below
the support line at 1.0600.
USD/CHF: There is a
bearish signal on the USD/CHF pair, and just as it was forecasted earlier this week,
price is expected to go further southwards. The market moved up below the resistance
line at 1.0000, targeting the support lines at 0.9950, 0.9900, and 0.9850. This
bearishness would be sensible as long as price not go above the resistance line
at 1.0000. The resistance line at 1.0000 is particularly important because it
would not be easy to be broken to the upside, and so, the current bearishness
is expected to hold out longer.
GBP/USD: The GBP/USD pair moved upwards by 170 pips
yesterday, to continue the bullish signal that was started last week. There is
a Bullish Confirmation Pattern and price may later reach the distribution
territories at 1.2550, 1.2600, and 1.2650.
USD/JPY: What happened
yesterday showed that the rally that happened last Thursday and Friday was an
opportunity to sell short at better prices. Price went south on Monday,
underlining the recent bearish trend in the market. Further downwards movement
is expected for the rest of this week.
EUR/JPY: The movement on
this currency cross is now quite similar to the movement on the USD/JPY pair. There
is a Bearish Confirmation Pattern here, and a further bearish movement is
possible as price targets the demand zones at 121.00 (the first target), 120.50,
and 120.00.
The material has been provided by InstaForex Company – www.instaforex.com
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