EUR/USD: The
EUR/USD pair went down by 90 pips on Tuesday, now below the resistance line at 1.1250
and above the support line at 1.1200. Since there is a Bearish Confirmation
Pattern on the chart, it is expected that price could continue going downwards,
reaching the support line at 1.1150, which is our target for this week.
USD/CHF: The USD/CHF pair is in a
bearish mode, since there is a Bearish Confirmation Pattern on the chart, and
the price is expected to continue moving lower and lower, reaching the support
levels at 0.9600, 0.9550, and 0.9500. As
long as the price does not go above the resistance level at 0.9800, there cannot be
a threat to the bearish outlook.
GBP/USD: The GBP/USD pair fluctuated
wildly on Monday and Tuesday, but remains in the context of a downtrend. The price
is under the distribution territory at 1.4150, and it could test the
accumulation territories at 1.4100 and 1.4000 today or tomorrow. There is a
need for the price to go upwards by at least 500 pips before the current
downtrend can be threatened.
USD/JPY: This pair has only
moved sideways so far this week with no significant direction upwards or
downwards. The outlook on the JPY pair is bearish for the week: and the USD/JPY pair is
not an exception. Therefore, bears might target the demand levels at 106.00 and
105.50.
EUR/JPY: This currency trading instrument
is in a bearish mode, though nothing serious has happened so far this week. The
EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50,
thereby making further bearish journey possible. The cross could thus test the
demand zones at 118.00 and 117.00 today or tomorrow.
The material has been provided by InstaForex Company – www.instaforex.com
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