The Cable traded
sideways last week, not going above the distribution territory at 1.3400, nor
going below the accumulation territory at 1.2950. This has caused the bias to
become neutral in the near-term. But there could be a breakout this week or
next, which would push price above or below the aforementioned accumulation and
distribution territories.
EUR/USD: This pair moved south
100 pips, closing just above the support line at 1.0950. There is a “sell” signal
in the 4-hour chart and there is a high probability that price would go further
downwards this week, especially in the face of expected stamina in USD, which
would aid bears.
USD/CHF: The USD/CHF has been
able to maintain its bullishness. There is a Bullish Confirmation Pattern in
the chart, and further upwards movement is possible. Price has gone above the
support level at 0.9850, testing the resistance level at 0.9900. Despite
several bullish attacks, the resistance level is yet to be broken to the
upside. However, that objective could be realized this week.
GBP/USD: The Cable traded sideways last week, not going
above the distribution territory at 1.3400, nor going below the accumulation
territory at 1.2950. This has caused the bias to become neutral in the
near-term. But there could be a breakout this week or next, which would push
price above or below the aforementioned accumulation and distribution
territories.
USD/JPY: This market first went
upwards 200 pips, topping at 107.48. Further bullish signal was rejected at
that point and price began to be corrected to the downside – at least by 150
pips. However, this has not rendered the bullish bias invalid (expect price
drops by another 150 pips). Additional drop is thus expected this week because
JY pairs might come under selling pressure anytime in the week.
EUR/JPY: There are mixed signal
on this cross. It simply consolidated to the downside last week, but things
have not gone completely bearish. That expectation could come to fruition this
week; owing to a possible weakness in JPY pairs. Thus, bears might be able to
target the demand zones at 116.00, 115.50 and 115.00 this week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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