On Friday, October 24, 2014,
the USD/JPY closed above the demand level at 108.00; on a bullish note. There
is a bullish signal in the market and the price may go upwards this week,
reaching the supply level at 109.00. However, any possible pullbacks along the
way may be contained at the demand level of 107.50.
EUR/USD: Last week, this
currency trading instrument closed at 1.2669, on a bullish note. The dominant
bias is bearish and therefore, the market may fall further towards the support
line at 1.2600. That is the first target for the bears. On the other hand,
there could be some attempted rally, which may push the price towards the
resistance line at 1.2750.
USD/CHF: This pair is making some attempts to go upwards. The
resistance level at 0.9550 has been tested, prior to the current shallow
bearish retracement. The price could go further upwards, breaking that
resistance level at 0.9550 to the upside, while making more attempts to reach
another resistance level at 0.9600.
GBP/USD: The bias on the
Cable is neutral, but the consolidation in the chart is going to the upside. It
is much likely that the GBP could gain strength this week, and therefore, the
GBPUSD may go further upwards, reaching the distribution territory at 1.6150.
By then, there could have been a Bullish Confirmation Pattern in the market.
USD/JPY: On Friday, October 24, 2014, the USD/JPY closed above the
demand level at 108.00; on a bullish note. There is a bullish signal in the market
and the price may go upwards this week, reaching the supply level at 109.00.
However, any possible pullbacks along the way may be contained at the demand
level of 107.50.
EUR/JPY: There is a ‘buy’
signal on this cross, and the price is expected to go further upwards this
week, reaching the supply zone at 138.00. The probability of a further bullish
movement is very high, which makes short trades illogical.
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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