The Cable plunged by over 250
pips on Friday – a surprise movement. The price closed below the distribution
territory at 1.5350, going towards the accumulation territory at 1.5300. That
is the first target for this week, and it is supported by the strong Bearish
Confirmation Pattern in the chart.
EUR/USD: The EUR/USD trended downwards on Friday, closing below the
resistance line at 1.2050. The support line at 1.2000 is being tested and with
further exertion of selling pressure, it may be breached to the downside. After
this, the price may then go for another support line at 1.1950.
USD/CHF: This currency trading instrument trended upwards on
Friday, closing above the support level 1.0000, which is the level of parity
between the USD and the CHF. The price may go for another resistance level at
1.0050 and with further exertion of buying pressure; it may be breached to the
upside. After this, the price may then go for another resistance level at 1.100.
GBP/USD: The Cable plunged by over 250 pips on Friday – a surprise
movement. The price closed below the distribution territory at 1.5350, going
towards the accumulation territory at 1.5300. That is the first target for this
week, and it is supported by the strong Bearish Confirmation Pattern in the
chart.
USD/JPY: This pair is bullish in outlook. On Friday, January 2,
2015, the price closed at 120.50 on a bullish note. There is a possibility that
the market may go further upwards this week, reaching the demand level at
121.00. However, there is also a possibility of a pullback, which may force the
price to dive towards the demand levels at 119.50 and 119.00 successively.
EUR/JPY: This cross dived
further on Friday, moving close to the demand zone at 144.00. The demand zone
is expected to be tested again: it may even be breached to the downside.
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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