The GBP/USD moved upwards nicely last week – a movement of
350 pips. Since June 8, 2015, the price has moved upwards by 650 pips. The
distribution territory at 1.5900 is now being threatened and it could be
slashed to the upside, as bulls target another distribution territory at
1.5950. However, the pair could reverse massively before the end of this week
or this month.
EUR/USD: This
pair remains a bull market, for the bulls were able to keep the price upwards
in spite of the bears’ effort to push it down. The possible targets for this
week are the resistance lines at 1.1450 and 1.1500. On the downside, there are
support lines at 1.1250 and 1.1200.
USD/CHF: This is
a bear market. The selling pressure that happened last week enabled the
recalcitrant resistance level at 0.9250 to be breached to the downside
(including another resistance level at 0.9200). The support level at 0.9150 has
also been tested and it could be tested again. It could even be breached to the
downside. As long as the price is unable to go above the resistance level at
0.9350, the bearish outlook would remain intact.
GBP/USD: The
GBP/USD moved upwards nicely last week – a movement of 350 pips. Since June 8,
2015, the price has moved upwards by 650 pips. The distribution territory at 1.5900
is now being threatened and it could be slashed to the upside, as bulls target
another distribution territory at 1.5950. However, the pair could reverse
massively before the end of this week or this month.
USD/JPY: Following
some protracted consolidation that first happened last week, there was a false
bullish breakout in the market, which happened briefly before the bears pushed
down the price. There may be further downwards movement this week.
EUR/JPY: Although
the outlook here is bullish, the price condition is not stable. This week would
determine whether the price would continue going upwards or whether it would go
downwards: depending largely on whatever happens to the EUR.
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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