EUR/USD: This
trading instrument will be bullish as long as the USD/CHF is bearish.
Price has gone upwards significantly, and bulls are still willing to push it further upwards. Therefore, the resistance lines at 1.1150 and 1.1200 may
be targeted today or next week.
USD/CHF: This market is in a
bearish mode, regardless the current choppy condition in the short-term. The
EMA 11 is below the EMA 56, and the Williams’ % Range period 20 remains in the
oversold region. After much hesitation, bears may just succeed in pushing price
below the support levels at 0.9700, which is currently preventing further
bearish movement.
GBP/USD: The GBP/USD has gone
upwards by 300 pips this week, resulting in a strong Bullish Confirmation
Pattern on the 4-hour chart. There is a possibility that price would continue
going upwards today or next week, reaching the distribution territories at
1.2500, 1.2550 and 1.2600.
USD/JPY: There is a Bearish
Confirmation Pattern in the USD/JPY 4-hour chart. And the bearishness in the
market remains valid, despite the current volatility in the market. Further bearish
movement is possible and the demand levels at 102.50 and 102.00 could be
tested.
EUR/JPY: Bears
have continued to flex their muscles on this cross, which has made price to weaken further. This has become a threat to the extant bullish signal in the
market, and a movement below the demand zone at 113.50 would result in a clean
bearish outlook.
The material has been provided by InstaForex Company – www.instaforex.com
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