The USD/JPY moved
southward last week; by roughly 200 pips. The price made several attempts to
break the demand level at 117.50 to the downside, but with no success. The
price still shows the determination to go further south, which may eventually
enable it to go below the demand level at 117.50.
EUR/USD: This market went down
from Monday to Wednesday; and went upwards from Thursday till the close of the
market on Friday. This week would see what shall happen to the market, but the
bearish bias would not be over unless the price goes above the resistance line
at 1.1000, which is a formidable line.
USD/CHF: This pair experienced mixed signals last week.
From Monday till Wednesday, the price went upwards, reaching the resistance
level at 1.0100. However the price started coming down from Thursday, which is
now a threat to the recent bullish effort. The Bullish Confirmation Pattern
would hold as long as the price does not go below the support level at 0.9850.
GBP/USD: The Cable went down by
additional 220 pips last week. Since December 14, 2015, the price has come down
by 700 pips, which is something that favors trend following a great deal. Any
rallies in the market should be seen as opportunities to sell short, because it
is much more likely that the bearish trend would continue.
USD/JPY: The USD/JPY moved southward last week; by
roughly 200 pips. The price made several attempts to break the demand level at
117.50 to the downside, but with no success. The price still shows the
determination to go further south, which may eventually enable it to go below
the demand level at 117.50.
EUR/JPY: This cross nosedived by 350 pips last week,
testing the demand zone at 127.00. From that demand zone, the price bounced
upwards by 200 pips, reaching the supply level at 129.00. On Friday, the price
came down a bit, in the context of a downtrend. The bearish bias is valid and
the upward bounce of 200 pips we saw might be another opportunity to sell short
at a better price.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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