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Sunday, June 22, 2014

Daily analysis of major pairs for June 23, 2014

On Friday, June 20, 2014, the EUR/JPY cross closed at 138.81on a bullish note. The bullish signal is valid and the movement above the demand level at 138.50 supports the possibility of the price going higher.    

EUR/USD:  This pair was able to generate a ‘buy’ signal last week. But there is now a dip in the price. The dip gives another opportunity to open a long trade because the price may bounce upwards from that point. In fact, the price has been making some bullish attempt and it is not too late to join.


USD/CHF: The USD/CHF was able to generate a ‘sell’ signal last week. But there is now a rally in the price. The rally gives another opportunity to open a short trade because the price may plunge from that point. In fact, the price has been making some bearish attempt and it is not too late to join.

GBP/USD:  The Cable has been bullish within the past several trading days. From the accumulation territory at 1.6700, the price shot upwards by 350 pips, breaking the formidable distribution territory at 1.7000 to the upside and testing another distribution territory at 1.7050. There is now a shallow southward retracement – which is normal – for the price may go up again.

USD/JPY:  This currency trading instrument has generated another bullish signal, but the target is not a long-term one. One may go long and exit as soon as the price hits the supply level at 102.50.

EUR/JPY:  On Friday, June 20, 2014, the EUR/JPY cross closed at 138.81on a bullish note. The bullish signal is valid and the movement above the demand level at 138.50 supports the possibility of the price going higher.  The first target is the supply zone at 139.00, after which the price may go upwards towards another supply zone at 139.50.   

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group





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