The Cable plunged by 260
pips last week, closing below the distribution territory at 1.5200. The
accumulation territory at 1.5100 could be tested this week, unless the bulls
push the price upwards above the distribution territories at 1.5300. This means
that we would see some bullish effort this week.
EUR/USD: For the most of the last week, this market
consolidated to the downside. There could be a breakout this week (most
probably in favor of the bulls). Thus, the resistance lines at 1.1300 and
1.1400 could be reached. On the other hand, there are support lines at 1.1050
and 1.1000.
USD/CHF: This
currency trading instrument went upwards by 150 pips last week, going into the
resistance level at 0.9750. This resistance level has become a big barrier that
must be overcome for the bullish journey to continue, though slowly and
steadily. There are some hindrances to the bullish expectation: a measure of
stamina in the EUR/USD could cause the USD/CHF to get corrected lower, plus any
measure of stamina in the CHF could half further rally on the USDCHF.
GBP/USD: The Cable plunged by 260 pips last week,
closing below the distribution territory at 1.5200. The accumulation territory
at 1.5100 could be tested this week, unless the bulls push the price upwards
above the distribution territories at 1.5300. This means that we would see some
bullish effort this week.
USD/JPY: This currency trading instrument traded south
last week, giving way to a more vivid Bearish Confirmation Pattern in the
market. There is a possibility that the demand levels at 118.00 and 117.50
could be tested this week; though a serious weakness in the Yen could cause the
USD to be strengthened against the Yen.
EUR/JPY: The EUR/JPY cross dived by 350 pips, causing
a directionally bearish bias on the market. There could be some attempts to
test the demand zones at 132.00 and 131.50 – albeit there could also be a
bullish breakout any day. This is the outlook for the week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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