The USD/CHF dropped last week, testing the support level at
0.9100. The outlook on this market is bearish for this week, especially in the
face of the current strength in the EUR/USD (which would keep the USD/CHF under
selling pressure). Another factor is that the CHF could be strengthened this
week.
EUR/USD: The
EUR/USD moved upwards by 300 pips last week; rising from the support line at
1.1150 and closing around the resistance line at 1.1450. There is a possibility that the price would
go further upwards this week, as the bulls target the resistance lines at
1.1500 and 1.1550.
USD/CHF: The
USD/CHF dropped last week, testing the support level at 0.9100. The outlook on
this market is bearish for this week, especially in the face of the current
strength in the EUR/USD (which would keep the USD/CHF under selling pressure).
Another factor is that the CHF could be strengthened this week. This would also
have effects on CHF pairs.
GBP/USD: The
optimism and positive sentiments emanating from the UK are the reasons why the
Cable remains strong. As long as the price stays above the accumulation
territory at 1.5600, there cannot be a serious threat to the existing bullish
bias. The bulls may target the distribution territories at 1.5850 and 1.5900
this week.
USD/JPY: Swing
and position traders would do well to stay away from this market, which has
essentially been consolidating for several weeks in a row. The price oscillates
between the demand level at 118.50 and the supply level at 120.50. It is only a
break beyond any of the aforementioned demand and supply levels that would
probably result in a clean directional bias.
EUR/JPY: From the
demand zone at 133.50, this cross journeyed upwards by over 300 pips, closing
at 136.60 on Friday, May 15, 2015. The next movement of the price would be
determined by the conditions of the EUR itself; but right now, there is a clear
Bullish Confirmation Pattern in the market.
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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