Last week, the USDCHF almost tested the resistance level of
0.9250 twice. The price, which is bullish, would still likely test the
resistance level again this week and possibly overcome it.
EURUSD: This pair
closed at 1.3368 on Friday, having tested the support line of 1.3300 once in
the last week. That support line would be tested and even be overcome this
week, especially in the face of the current bearish bias. The long-term target
is at the support line of 1.3200.
USDCHF: Last
week, the USDCHF almost tested the resistance level of 0.9250 twice. The price,
which is bullish, would still likely test the resistance level again this week
and possibly overcome it. This is clearly possible because the market is in a
Bullish Confirmation Pattern at the present.
GBPUSD: On this
currency pair, the distribution territory of 1.6100 has become a formidable
barrier to the bulls’ interests. There have also been serious market activities
between the aforementioned distribution territory and the accumulation
territory of 1.6000. This week, the price would break above or below either of
the two territories in order to resume the next directional movement.
USDJPY: The
USDJPY is a bull market with lots of turbulence and volatility on it. The
price, which closed at 99.05 on Friday, is essentially a bull market. The price
would thus test the supply level of 99.50, although the long-term target is at
the supply level of 100.00.
EURJPY: This cross is still bearish to some extent.
The bias last week (and this week has been bearish). From the demand zone of
131.50, the price bounced upwards by over 100 pips. This is really an
opportunity for the bears to go short, selling the rally in the context of a
downtrend.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: Lessons from Expert Traders
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