There is a temporary pullback
on the USD/CHF, which ought not to take the price below the support level at
0.8900, so that the bullish bias can remain valid. The price may go further
upwards after the pullback has ended.
EUR/USD: The bearish bias on
this pair is still present, although there is a shallow rally in the market.
The rally in the context of a downtrend is not supposed to take the price above
the resistance line at 1.3700 – a point at which it would be clear that the
bearish bias is no longer valid and it would be logical to seek short trades.
USD/CHF: There is a temporary pullback on the USD/CHF, which ought
not to take the price below the support level at 0.8900, so that the bullish bias
can remain valid. The price may go further upwards after the pullback has
ended. On the other hand, a movement
below the aforementioned support level would render the bullish outlook
invalid.
GBP/USD: On the Cable, there
is now a serious rally in the context of a downtrend. From the accumulation
territory at 1.6700, the price rallied and closed above the accumulation
territory at 1.6750. Further rally should be contained at the distribution
territories at 1.6800 and 1.6850. Otherwise, the long-term bearish bias would
be in jeopardy.
USD/JPY: This market is a classical
example in which false breakouts are no longer a curiosity. In addition,
sustained trending moves are rather rare. It would be OK to stay away from the market
unless there is a protracted directional move.
EUR/JPY: This market, which
bounced upwards after testing the demand zone at 138.00, would have the upward
bounce contained at the supply levels at 139.00 and 139.50. Further southward
movement is expected from here.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Learn from the Generals of the Markets:
http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
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