EUR/USD: The
EUR/USD pair is volatile and directionless, having tested the support line at 1.1150
and the resistance line at 1.1250 (last week). Price needs to go above the
resistance line or below the support line, to form a bearish or bullish bias.
This is what is expected before the end of the week.
USD/CHF: This pair shot upwards
and rammed into the resistance level at 0.9800, after which there was some
bearish correction. The EMA 11 is above the EMA 56, and the Williams’ % Range
period 20 is around the overbought region, which shows that bulls are very
active in the market. Further bullish movement is expected, though bulls would
experience a stubborn challenge at the resistance level of 0.9900.
GBP/USD: The Cable has gone
upwards by 220 pips this week. Price trended downwards on Monday and Tuesday
and the pair is poised to go further downwards, targeting the accumulation
territories at 1.2700 and 1.2650, which might be breached today or tomorrow.
USD/JPY: The USD/JPY pair has trended
upwards by 160 pips this week, which has resulted in a nice bullish bias. The
EMA 11 is above the EMA 56 and the RSI period 14 has gone above the level 50.
The next target for bulls are located at the supply levels of 103.00, 103.50,
and 104.00. Immediate demand levels would resist any bearish attempts on the
way.
EUR/JPY: This
cross pair rallied seriously on Tuesday, following a bullish signal that was
noticed on Monday. There is now a clean Bullish Confirmation Pattern on the
chart, which signals more northwards movement. Bulls would soon target the
supply zones at 115.50 and 116.00 today or tomorrow.
The material has been provided by InstaForex Company – www.instaforex.com
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