The USD/CHF went
downwards on August 1 and 2, and then began a bullish journey that lasted till
August 5. This happened in the context of a downtrend and it has not
invalidated the downtrend, which would hold for some time. When price goes
beyond the resistance level at 0.9950, a clean bullish signal would form,
though that is unlikely to happen.
EUR/USD: This pair moved north
on Monday and Tuesday, and then began to trend downwards from Wednesday till the
end of the week. Only a movement above the resistance line at 1.1300 would lead
to a “buy” signal, otherwise, this pair would remain a bearish market.
USD/CHF: The USD/CHF went
downwards on August 1 and 2, and then began a bullish journey that lasted till
August 5. This happened in the context of a downtrend and it has not
invalidated the downtrend, which would hold for some time. When price goes
beyond the resistance level at 0.9950, a clean bullish signal would form,
though that is unlikely to happen.
GBP/USD: On the Cable, the bias
is bearish on the 4-hour and the daily chart, with clean Bearish Confirmation
Patterns on both time horizons. The outlook for this week remains bearish,
though price would eventually meet some recalcitrant accumulation territories
at 1.3000 and 1.2950, which would pose some challenges to bears.
USD/JPY: This currency trading
instrument moved sideways last week, then went further south, and the
consolidated again till Friday. The outlook on the instrument, as well as other
JPY pairs, remains strongly bearish. So
it would be interesting to watch the demand levels at 101.00, 100.50 and 100.00,
which should be breached after much selling pressure.
EUR/JPY: This cross moved south
last week – by at least around 200 pips. This slow and steady movement (or fast
movement) is expected to continue this week, as bears push price towards the
demand zones at 112.50, 112.00 and 111.50. Since there is a Bearish
Confirmation Pattern in the market, the demand zones would be likely reached,
though there may be a show of strength by bulls along the way.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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