The USDCHF has already
generated a bullish signal: the price would easily test the resistance level at
0.8850.
EUR/USD: It is still safe to call this pair a bull market. As long
as the price is above the support line at 1.3800, the bullish outlook is valid.
Any movement below that support line would mean a serious threat to the bullish
outlook. It would also mean that long trades are no longer sensible. For the
bullish outlook to continue, the price needs to go upwards towards the
resistance lines at 1.3850 and 1.3900, especially when there is a break out of
the current equilibrium zone.
USD/CHF: The USDCHF has already generated a bullish signal: the
price would easily test the resistance level at 0.8850. There is even a
possibility that the price may go beyond that target, especially with an
increase in the buying pressure. So, it would not be a surprise when the price
also reaches another resistance level at 0.8900.
GBP/USD: There is still a
Bullish Confirmation Pattern on this currency trading instrument. The upward
movement in the price has been challenged at the distribution territory of
1.6800, but the market looks determined to break that distribution territory to
the upside. The market would succeed in doing this: the probability of doing it
is very high. So we may be targeting another distribution territory at 1.6900
this week.
USD/JPY: The signal in the chart is a ‘buy’ signal. The
indicators on the 4-hour chart confirm this. The supply level at 102.50 has
already been tested, and it could be breached as the price goes further north,
towards the supply level at 103.00.
EUR/JPY: This cross closed at 141.41 last week; with some bullish
determination. We would like to look for long orders this week, putting initial
target at the supply zone of 142.00.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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