The GBP/USD is one of
the strongest trending currency trading instruments among the majors. The bias
on the instrument is bearish and it is possible that the price would continue
going downwards, reaching the accumulation territories at 1.4200 and 1.4150
this week. This bias would be valid until there is a bullish reversal of at
least, 300 pips.
EUR/USD: The condition affecting
the EUR/USD is quite similar to the condition affecting the USD/CHF. So the two
pairs must be watched closely. Just like the latter, the bias on the former is
also neutral in the near term.
USD/CHF: The bias on this pair is neutral in the
near-term because the pair has not made any strong directional movement in
recent times. There are short-term upswings and downswings in the market, but a
predictable directional movement is anticipated this week or next week, which would
most probably favor the bears.
GBP/USD: The GBP/USD is one of the strongest trending
currency trading instruments among the majors. The bias on the instrument is
bearish and it is possible that the price would continue going downwards,
reaching the accumulation territories at 1.4200 and 1.4150 this week. This bias
would be valid until there is a bullish reversal of at least, 300 pips.
USD/JPY: USD/JPY moved sideways in the most part of
last week, though the price went further downwards on Friday, emphasizing the
extant bearish outlook on the market (just as the case is on most other JPY
pairs). It is likely that the price would continue trending further downwards
this week, reaching the demand levels at 116.00 and 115.50.
EUR/JPY: In contrast to what happened two weeks ago,
this cross simply moved sideways last week. There would soon be a breakout this
week or next week, which would be determined by the conditions affecting the EUR.
So it is rational to say that movement on the EUR/JPY cross would be determined
by whatever happens to the EUR, and as a result, we may see a movement which is
contrary to what other JPY pairs are doing.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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