After much consolidation, the markets ended the last week trending according to the dominant biases.
EURUSD: This pair closed at 1.3522, being in a bullish mode. The price trended upwards last week, and it is supposed to do so this week. Although this would not be without serious struggle between buyers and sellers, it is likely that the price would reach the resistance level at 1.3600.
USDCHF: The USDCHF remains a bear market. The price spent a considerable amount of time in an equilibrium phase, before it broke the support level at 0.9100 to the downside. As it was mentioned in earlier forecasts about this special trading instrument, the ultimate destination for the price is the south area of the support level at 0.9000.
GBPUSD: After much consolidation, the markets ended the last week trending according to the dominant biases. With this in consideration, it is no wonder that the Cable itself was able to rise and trend upwards, challenging the distribution territory at 1.6150 (which was also tested two weeks ago). This distribution territory would eventually be overcome.
USDJPY: The USDJPY has already given a bearish signal – with the demand level of 98.00 in sight. This is an easy prey, and it is expected that that level would eventually be challenged and overcome. Therefore, the price may end up reaching the demand levels of 97.50 and 97.00 respectively.
EURJPY: The situation on this currency trading instrument requires some tact right now. There is some uncertainty here: the RSI period 14 is below the level 50, while the price threatens to break the EMA 50 to the downside, and close below it. Should this happen and should the price close below the aforementioned EMA, short trades would be preferred.
Performed by Azeez Mustapha,
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders