EUR/USD: This
market has moved sideways so far – in the context of a downtrend. Further
downwards movement is expected as the price could reach the support lines at
1.0850 and 1.0800. The support line at 1.0850 was reached and can be reached
again. Rallies here should be taken as opportunities to sell further.
USD/CHF: There is still a
Bullish Confirmation Pattern on the USD/CHF. The EMA 11 is above the EMA 56,
and the Williams’ % Range period 20, being in the oversold territory, means
that price could trend higher. This means that the Williams’ % Range period 20
could be seen moving higher in tandem with ongoing bias.
GBP/USD: The bias on the 4-hour
and daily charts is bearish (that is the dominant bias), though the market has
been in the equilibrium phase since last week. This means that a breakout is
imminent, which is supposed to favor bulls. That could happen this week or
next.
USD/JPY: This pair has managed
to climb slightly above the demand level at 104.50. Bulls should be able to
target the supply levels at 105.00 and 105.50, especially in order to avoid
possible pullbacks in the market, which could threaten the current bullish outlook.
Some fundamental figures are expected to be released today and they could have
impact on the market.
EUR/JPY: From
the beginning of this trading week till now the price has been making attempts to
go higher, and this has started posing threat to the recent short-term bearish
trend. A movement above the supply zone at 115.00 can result in new bullish
signal; while a movement below the demand zone at 113.00 can emphasize the
recent bearish trend.
The material has been provided by InstaForex Company – www.instaforex.com
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