EUR/USD: The EUR/USD pair remains in a bullish mode. There is a Bullish Confirmation Pattern on the 4-hour chart and price is expected to go further upwards, following the current short-term consolidation. Price can still reach the resistance lines at 1.0800 and 1.0850.
USD/CHF: The USD/CHF pair is
still bearish. The current shallow rally is another opportunity to sell short
at slightly higher prices. The support levels at 0.9950, 0.9900, and 0.9850 remain
valid targets for this week, although price may temporarily go above the
psychological level at 1.0000. Nevertheless, it would sooner or later go below it.
GBP/USD: The GBP/USD pair has moved upwards by 170 pips this
week, to continue the bullish signal that was started last week. The EMA 11 is
above the EMA 56 and the RSI period 14 is above the level 50. Price may later
reach the distribution territories at 1.2550, 1.2600, and 1.2650.
USD/JPY: This pair
rallied yesterday in the context of a downtrend. Unless the market moves
upwards by another 250 pips, the current bearish bias would be valid. The
demand levels at 113.50, 113.00, and 112.50 would be tested easily. These demand
levels at 113.50 and 113.00 have been tested and they would be tested
EUR/JPY: This currency
trading instrument rallied yesterday, posing a threat to the recent bearish
signal. A movement above the supply zones at 122.50 and 123.00 would return the
market into a neutral zone. On the other hand, a movement of 100 – 150 pips
would help establish the presence of bears in the market.
The material has been provided by InstaForex Company – www.instaforex.com