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Sunday, December 28, 2014

Daily analysis of major pairs for December 29, 2014

The USD/JPY closed at 120.31, on Friday, December 26, 21014. This pair trended upwards last week before it consolidated towards the end of the week. The bias is bullish and the supply level at 12.50 would soon be breached to the upside; after which another supply level at 130.00 would be challenged.

EUR/USD: This market fell further last week, closing below the resistance line at 1.2200. The next target for the price is at the support line of 1.2150, and should that support line be breached to the downside, the price may then target another support line at 1.2100.


USD/CHF: This market rose further last week, closing above the support level at 0.9850. The next target for the price is at the resistance level of 0.9900, and should that resistance level be breached to the downside, the price may then target another resistance level at 0.9950. Could the USD reach parity with the CHF? It seems very likely.

GBP/USD: This currency trading instrument went downward last week, but further downward movement was rejected as the price bounced upwards from the accumulation territory at 1.5500. Now hovering around the accumulation territory at 1.5550, further upward bounce could be contained at the distribution territory at 1.5600. Meanwhile, the price could fall down again, testing the accumulation territory at 1.5500.

USD/JPY: The USD/JPY closed at 120.31, on Friday, December 26, 21014. This pair trended upwards last week before it consolidated towards the end of the week. The bias is bullish and the supply level at 12.50 would soon be breached to the upside; after which another supply level at 130.00 would be challenged.

EUR/JPY:  This cross should be bullish – just like certain JPY pairs. However, the weakness in the EUR is too much to allow any significant bullish move. There is a possibility that the demand level at 146.00 could be tested, though a rally may cause the price to reach the supply zone at 147.50.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


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