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Sunday, June 29, 2014

Daily analysis of major pairs for June 30, 2014

Since the EUR is strong and the USD is weak, it is no wonder that the EUR/USD pair is making some commendable bullish efforts. Currently, the resistance line at 1.3650 is under siege. The price would break that resistance line to the upside.   


EUR/USD:  This is a bull market, which should continue to be bullish. Since the EUR is strong and the USD is weak, it is no wonder that the EUR/USD pair is making some commendable bullish efforts. Currently, the resistance line at 1.3650 is under siege. The price would break that resistance line to the upside.   

USD/CHF: This is a bear market, which should continue to be bearish. Since the USD is weak and the CHF is strong, it is no wonder that the USD/CHF pair is making some commendable bearish efforts. Currently, the price is going towards the support level at 0.8900. The price could break the support level to the downside.   

GBP/USD:  This currency instrument closed at 1.7035, on a bullish note. The market has constantly showcased the determination to go bullish, and therefore, the distribution territory at 1.7050 would easily be breached to the upside. When this happens, the market may be trying to go towards another distribution territory at 1.7100.

USD/JPY:  The USD/JPY is now trading below the supply level at 101.50, and it may go towards the demand level at 101.00. Since the market has proven to be prone to short-term swings, one may want to put a take profit level at the demand level of 101.00. Should the bearish outlook continue to be strong, the demand level could even be breached to the downside.

EUR/JPY:  This cross is also weak, but the bulls are trying to push the price further higher. The demand zone at 138.00 has been tested and the price has bounced from there, but it should not go above the supply level at 138.50, for the bullish bias to continue to be valid.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group



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