EUR/USD: This
pair is consolidating with fleeting upswings and downswings. Today or
next week we could see a serious breakout from the current equilibrium phase,
which would most probably favor the bears. The price is expected to go below
the support levels of 1.1350 and 1.1300.
USD/CHF: This currency trading
instrument is still experiencing a bearish correction. However, the bearish
correction has not jeopardized the existing bullish bias, though the Williams’
% Range period 20 is now in the oversold territory. This could mean a good
opportunity to seek potential long trades, unless the price goes below the
support level at 0.9600, which would lead to a bearish signal.
GBP/USD: This currency trading
instrument has consolidated so far this week – in the context of a downtrend.
The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50.
When a breakout does occur in the market, it would probably take the price below
the accumulation territories at 1.4350 and 1.4300. This means that the breakout
might favor the bears.
USD/JPY: There is an unambiguous
“buy” signal on the USD/JPY 4-hour chart, with a clear Bullish Confirmation
Pattern in the market. The bulls have won so far this week, and it is expected
that they would keep on pushing the price higher, targeting the supply levels
at 110.00 and 110.50.
EUR/JPY: The
movement on the EUR/JPY is quite similar to the movement of the USD/JPY pair. There
is bullish bias on the market, owing to the position of the indicators on the
4-hour chart. When further northwards movement occurs, it would most
probably be in favor of the bulls.
The material has been provided by InstaForex Company – www.instaforex.com
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