EUR/USD: The
pullback in the USD/CHF has helped this market to rally. The rally took place
yesterday and this has led to a bullish signal in the market. Further upwards
movement is anticipated, which would push price towards the resistance lines at
1.1100 and 1.1150. A very strong buying pressure may even push price above
those resistance lines.
USD/CHF: In the last forecast,
it was mentioned that the outlook on the USD/CHF turned bearish since Monday.
On Tuesday, price underwent a large pullback, because bulls have been unable to
continue pushing price towards the resistance level at 1.0000. The 170-pip
pullback that was seen yesterday has resulted in a Bearish Confirmation Pattern
in the chart.
GBP/USD: The Cable has been
consolidating for about two weeks – an even that has resulted in a neutral bias
in the short-term. The long-term outlook on the market remains bearish and when
momentum rises, it would most likely favor the bears. Strong volatility would
be witnessed on GBP pairs this week, and some of them would be weaker in most
cases.
USD/JPY: The USD/JPY went
bearish yesterday, but that bearish movement has not been strong enough to
result in a clean bearish signal. For a bearish signal to form, the EMA 11
would need to cross the EMA 56 to the downside. The RSI period 14 is already
signaling a possibility of a downwards movement, since it is now below the
level 50.
EUR/JPY: There
has been a shallow pullback on this currency trading instrument. In spite of
this, there remains a Bullish Confirmation Pattern in the 4-hour chart, which
means price is still expected to continue moving upwards. Bulls would target
the supply zones at 115.50 and 116.00 (at least).
The material has been provided by InstaForex Company – www.instaforex.com
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