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Sunday, July 6, 2014

Daily analysis of major pairs for July 7, 2014

The Cable is still facing a big challenge around the price territory at 1.7150. However, the market is expected to go further upwards as a result of the strong northward bias on it.

EUR/USD:  As it was said in the last forecast, this pair has already assumed a new bearish bias, going downwards. Right now, the price closed below the resistance line at 1.3600. The target for this week is at the support line at 1.3550; and with the Bullish Confirmation Pattern in the market makes it is logical that that the price would go further downwards.


USD/CHF: After much effort from the bulls, the USD/CHF has turned bullish, going further north. The resistance level at 0.8950 has been challenged and it would be breached to the upside as the bullish energy continues. But it is unlikely that the price would also breach the great resistance level at 0.9000 to the upside; therefore buyers may want to take their profits around that resistance level.

GBP/USD:  The Cable is still facing a big challenge around the price territory at 1.7150. However, the market is expected to go further upwards as a result of the strong northward bias on it. Should this happen, the price would go towards the distribution territory at 1.7200.

USD/JPY:  This is a bull market, and the price ought to go further upwards. Nevertheless, the bullish journey is not without difficulties. As long as the price is above the demand level at 101.50, the bullish outlook is sensible.

EUR/JPY:  This market is not yet attractive, and one may do well to abstain from it until there is a clean directional bias in the market. The EUR is weak and the Yen is also weak, but one must be strong than the other so that a direction can be determined.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group



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