This week, the event on the EUR/JPY cross would largely be
determined by the strength in the EUR itself. Should EUR continue to maintain
its stamina, the cross would continue its bullish journey, testing the supply
zones at 136.00 and 136.50. Any significant weakness in the EUR would cause the
cross to plummet.
EUR/USD: This
currency trading instrument will be a major determinant of the movement of the
USD/CHF and the EUR/JPY this week. So keep a close watch on it.
USD/CHF: This
pair is trying to make a rally in the context of an overall bearish bias. This
week, the event on the pair would be dictated by what happens to the EUR/USD
itself. Unless there is a vivid weakness in the EUR/USD, the present rally on
the USD/CHF would result in nice opportunities for the bears to enter at short
at better prices.
GBP/USD: The
outlook for the Cable this week and this month is bearish – though the current
bias is bullish. The current bullish bias is largely determined by the positive
sentiment and optimism emanating from the UK. This bullish sentiment may
continue to push the price further upwards, but any failure of the price to
stay above the accumulation territories at 1.5250 and 1.5200 could result in a
threat to the existing bias.
USD/JPY: The
condition on the USD/JPY is now precarious, because the market is currently
volatile, with upswings and downswings being short-term in nature. Position and
swing traders may do well to stay away from this market until there is a protracted
movement in one direction. Meanwhile, the market is favorable to scalpers and
intraday traders.
EUR/JPY: This
week, the event on the EUR/JPY cross would largely be determined by the
strength in the EUR itself. Should EUR continue to maintain its stamina, the
cross would continue its bullish journey, testing the supply zones at 136.00
and 136.50. Any significant weakness in the EUR would cause the cross to
plummet, testing the demand zones at 133.00 and 132.50.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
What Super Traders Don’t Want You
To Know: http://www.advfnbooks.com/books/supertraders/index.html
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