The USD/CHF closed at 0.9055 on Friday (August 8, 2014).
This pair is having a serious difficulty breaking the resistance level 0.9100
to the upside. In fact, the price has dropped by about 50 pips since the
resistance level was challenged.
EUR/USD: On this pair, there has been a rally in the
context of a downtrend. This gives a clean opportunity for a renewed short
trade, which could take the price further south. The price may test the support
line at 1.3350 again: it may even break it to the downside and close below it.
USD/CHF: The
USD/CHF closed at 0.9055 on Friday (August 8, 2014). This pair is having a
serious difficulty breaking the resistance level at 0.9100 to the upside. In
fact, the price has dropped by about 50 pips since the resistance level was
challenged. The price needs to go upwards again to test the resistance level so
as to allow for the continuation of the uptrend. Otherwise, the trend could
turn bearish, especially when the price crosses the support level at 0.9000 to
the downside and closes below it.
GBP/USD: The Cable dropped
by around 70 pips last week – in spite of some desperate effort by the bulls to
push the price upwards. The pushing of the price upwards resulted in a nice short-selling
signal, which has now dragged the price below the distribution territory at
1.6800. The next target in the market is at the accumulation territory of
1.6750.
USD/JPY: Despite the
volatility in the market, this currency trading instrument remains bearish.
There is a Bearish Confirmation Pattern in the chart, and the price could go
further south, till it reaches the demand level at 101.50.
EUR/JPY: The rally on the EUR/JPY should be transient,
especially for the current bearish outlook to be valid. Any movement above the
supply zone at 137.50 could render the bearish outlook useless.
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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