Cable made some effort to go
bullish last week. Price went upwards in a slow and steady manner and then
moved sideways, closing at 1.5715 on Friday, December 12, 2014. Price may go
further upwards towards the distribution territory at 1.5800, provided that
Greenback continues its current weakness.
EUR/USD: This pair has been making serious effort to go upwards –
with a measure of success. The market went upwards by over 200 pips last week,
closing above the support line at 1.2450. There is a Bullish Confirmation
Pattern in the market and it is expected that price could go towards the resistance line at 1.2500.
USD/CHF: This pair has been trending downwards – with a measure of
success. The market went downwards by over 170 pips last week, closing below
the resistance level at 0.9650. There is a Bearish Confirmation Pattern in the
market and it is expected that price could go towards the support level at
0.9600.
GBP/USD: Cable made some
effort to go bullish last week. Price went upwards in a slow and steady manner
and then moved sideways, closing at 1.5715 on Friday, December 12, 2014. Price
may go further upwards towards the distribution territory at 1.5800, provided
that Greenback continues its current weakness.
USD/JPY: USDJPY closed below the supply level at 119.00 on Friday.
Price nosedived by over 400 pips last week, thereby overturning the recent
bullish bias. Things have gone bearish and with continuous weakness in Greenback,
price could test the demand level at 118.00.
EUR/JPY: The situation on
this cross is dicey. Some indicators are bullish and some are bearish in the
same timeframe. Therefore one may stay aside until there is a clean directional
movement. One thing could be noted: This cross has a high probability of going
upwards this week.
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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