EUR/USD: The
EUR/USD price moved upwards 150 pips, testing the resistance line at 1.1300
before getting corrected downwards on Thursday and Friday. It is expected that
price would continue going upwards this week, therefore making the pullback of
Friday a good opportunity to go long at better prices. The outlook on EUR is
bullish, so you might want to watch other EUR pairs (some of which has already
started moving upwards).
USD/CHF: There are interesting
factors which would contribute to a bearish movement of this currency trading
instrument this week. The EUR/USD pair would go upwards, which would cause USD/CHF to trend downwards. USD itself would be weak and CHF would gather some
stamina (please watch CHF pairs). This week, bears would target the support
levels at 0.9700 and 0.9650.
GBP/USD: The bias on the Cable
is bearish in the long term. Some effort was made last week to push market
upwards, but bears came in to push it downwards, as it closed at 1.3266 on
Friday. A movement below the accumulation territory at 1.3100 would result in
stronger Bearish Confirmation Pattern on the chart. A movement above the
distribution territory at 1.3450 would result in a bullish bias in the
near term.
USD/JPY: The USD/JPY pair dropped by
260 pips from Monday to Wednesday and then started going upward from Thursday
and closing above the demand level at 102.50 on Friday. The bias on the pair,
as well as other JPY pairs, is bullish for this week. Thus price could reach
the supply levels at 103.50 and 104.00 this week. The supply level at 103.00
was already tested last week and it could be tested this week.
EUR/JPY: This currency trading
instrument went down 200 pips from Monday till Wednesday and started going
upward from that day – an action which resulted in a bullish signal on the
4-hour chart. Price is supposed to continue going upwards this week, targeting
the supply zones at 116.00 and 116.50. EUR would be strong and JPY would be
weak.
The material has been provided by InstaForex Company – www.instaforex.com
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