As it was normally expected,
there has been a shallow pullback on the Cable. But the price may go further
higher to breach the distribution territory at 1.7000 to the upside.
EUR/USD: In spite of some vivid
attempts by the bulls to push the price upwards, the price remains bearish. On
Friday, June 13, 2014, the price closed at 1.3539 (below the resistance line at
1.3550). The support line at 1.3500 is thus an easy target this week, though
the price can close below it while moving further downwards.
USD/CHF: It is interesting that the price on this pair has refused
to lift its siege at the resistance level of 0.9000. The battle is very hot
around this resistance level – having been carried on for more than two weeks.
The bulls refuse to yield and the bears are too stubborn to surrender; though
the latter have been battered furiously. It is now clear that the bulls are
determined to keep the price bullish. Therefore, a break above the resistance
level at 0.9000 would mean a landmark victory for the bulls, provided the price
is able to stay above it.
GBP/USD: As it was normally
expected, there has been a shallow pullback on the Cable. But the price may go
further higher to breach the distribution territory at 1.7000 to the upside. In
fact, it may go to another distribution territory at 1.7050. The distribution
territory at 1.7000 is a psychological level, and therefore, a break above it
would be noteworthy.
USD/JPY: The USD/JPY remains
bearish; though there is a formidable challenge to that. Should the price fail
to stay below the demand level at 102.00, the bearish outlook may be rendered
invalid.
EUR/JPY: This is also a bear
market, with an immediate supply zone at 138.50. The price closed at 138.14 on
Friday and it is supposed to dive further.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Learn from the Generals of the Markets:
No comments:
Post a Comment