EUR/USD: This
pair has come down by more than 160 pips this week. Price is now below the
resistance line at 1.0700, going towards the support line at 1.0650. Some
fundamental figures are expected today and they would have impact on the
market.
USD/CHF: The USD/CHF has been
able to stay above the psychological level at 1.0000 for some time now. Price
is trying to target the resistance levels at 1.0050 and 1.0100, but it is
unlikely that price would settle above the resistance level at 1.0100. Failure
to do this would result in a considerable pullback in the market.
GBP/USD: A constant presence of
bears in this market has already become a threat to the recent bullish bias.
Things are now turning gradually bearish, and a movement of another 100 pips to
the downside would result in a bearish signal in the short and long terms. The
RSI period 14 is already gone below the level 50. And once the EMA 11 crosses
the EMA 56 to the downside, a bearish signal would form.
USD/JPY: This is a bull market –
confirmed by the Bullish Confirmation Pattern in the market. The EMA 11 is
above the EMA 56, and the RSI period 14 is above the level 50. Price has moved
up by 280 pips this week, now above the demand level at 109.00. There could be
a pause in the market, but it is expected to resume its bullish journey; which
means the supply level at 110.00 could eventually be tested this week.
EUR/JPY: This
cross has moved up by 170 pips this week, now getting corrected by 80 pips
yesterday. This shallow correction is a good opportunity to buy long the
market, when things are on sale and in the context of an uptrend. Price would
go up again to test the supply levels at 117.00, 117.50 and 118.00 this week or
next.
The material has been provided by InstaForex Company – www.instaforex.com
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