The USD/CHF made a faint
bullish effort last week, testing the resistance line at 0.9800, after which
price bent downwards in a slight bearish correction. There is a precarious
bullish signal in the 4-hour chart, but price needs to go further upwards so that
the bullish signal can continue to be valid. A continuous bearish correction
could cancel the bullish signal.
EUR/USD: This
pair went upwards by 150 pips last week, in a context of a downtrend. A
movement of another 200 pips to the upside would result in a Bullish
Confirmation Pattern. However, since the outlook on this pair is bearish for
this week, price could experience another smooth bearish journey, which could
turn out to be favorable to bears.
USD/CHF: The USD/CHF made a
faint bullish effort last week, testing the resistance line at 0.9800, after
which price bent downwards in a slight bearish correction. There is a
precarious bullish signal in the 4-hour chart, but price needs to go further
upwards so that the bullish signal can continue to be valid. A continuous
bearish correction could cancel the bullish signal. Another obstacle ahead of
bulls is the possibility that CHF could gain strength in the month of July,
which would also cause visible effects on CHF pairs.
GBP/USD: This currency trading
instrument did not effect any bullish or bearish domination last week, though
everything remains in the context of a downtrend. Bears might continue proving
their stamina, because the outlook on the market (and other GBP pairs), is
bearish for this week. The accumulation territories at 1.3100 and 1.3050 are
vulnerable.
USD/JPY: The USD/JPY only moved
sideways last week, and the chances of a rising momentum are slim this week. The
outlook on the market, as well as other JPY pairs, is bearish for this week and
this month. Bears could thus target the demand levels at 102.00 and 101.50 this
week.
EUR/JPY: This cross went upwards
by 250 pips last week, but the bearish bias on the market remains valid. A
northward movement of 300 pip would result in a Bullish Confirmation Pattern,
while a southward movement would simply emphasize the extant bearish bias.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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