EUR/USD: The
EUR/USD pair went southwards yesterday, making the Bearish Confirmation Pattern on
the chart more conspicuous. The EMA 11 is below the EMA 56, and the RSI
period 14 is below the level 50. There is a possibility for more bearish
movement, and price may test the support line at 1.1100.
USD/CHF: There is a short-term
“buy” signal on USD/CHF, and price is intent on going above the resistance
level at 0.9800 in spite of the current uncertainties. In case this is successful,
the next target would be the support level at 0.9850 and 0.9900, which may
cause severe opposition from bulls, since that is a strong resistance level.
GBP/USD: This market has come
down further this week, now testing the accumulation territory at 1.2950. There
is a bearish outlook in the short term and the long term, which makes it
illogical to go long in the market right now. The only logical approach to this
market is to sell rallies, in anticipation of more southwards trend.
USD/JPY: This currency trading
instrument has remained flat so far this week, but a rise in the momentum is
expected this week, which would most probably favor bears. A closer look at the
market reveals that the coming momentum would most probably cause further
downwards movement. The EMA 11 is now below the EMA 56, and the RSI period 14
is below the level 50. A bearish signal is forming.
EUR/JPY: The Bearish
Confirmation Pattern in the EUR/JPY 4-hour chart has now become vivid. Price is
currently trying to go below the demand zone at 113.50, targeting another
demand zone at 113.00. The outlook on the cross remains bearish and further
downwards movement is expected.
The material has been provided by InstaForex Company – www.instaforex.com
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