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Sunday, August 24, 2014

Daily analysis of major pairs for August 25, 2014

The USD/JPY has already tested the supply level at 104.00. Should that supply level gets breached to the upside, the next target in the chart would be the supply level at 104.50.     

EUR/USD:  This pair has been able to continue its southward journey. As it was accurately forecasted, the last rally in the market proffered a short-selling opportunity. On Friday, August 22, 2014, the price closed at 1.3239. The price is now trading below the resistance line at 1.3250; it might reach the support line at 1.3200 this week.


USD/CHF: This pair has been able to continue its northward journey. As it was accurately forecasted, the last dip in the market proffered an opportunity to go long. The resistance level at 0.9150 has already been tested, and with renewed effort from the bulls, the price may close above that resistance level and go further upwards to another resistance level at 0.9200.

GBP/USD: This is a weak market, and the price has been able to stay below the distribution territory at 1.6600. Following the current pause in the trending move, the price may test the accumulation territory at 1.6550.

USD/JPY:  The USD/JPY has already tested the supply level at 104.00. Should that supply level gets breached to the upside, the next target in the chart would be the supply level at 104.50.  Right now, the Bullish Confirmation Pattern in the market is very strong, and therefore, short trades are currently not logical here.   

EUR/JPY: This market is a bull market – as long as the price stays above the demand zone at 137.00. There is a bearish retracement in the market but it is likely that the price would turn upwards and test the supply zone at 138.00.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group




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