The persistent bullish effort on GBP/USD has already paid off, and
price has gained 460 pips since November 13. There was a slight bearish
correction on Friday, after which price would resume its bullish journey,
targeting the distribution territories at 1.3500, 1.3550 and 1.3600.
EUR/USD: The EUR/USD met a considerable
challenge last week –which threatened the recent bullishness in the market.
However, bulls were able to save the bias on Thursday as they pushed price
slightly higher. Further bullish movement is possible this week, for price
could target the resistance lines at 1.1900, 1.1950 and 1.2000. A stubborn
opposition would be met the resistance line at 1.20000.
USD/CHF: This pair made effort to rally last
week, but the rally effort was rejected around the resistance level at 0.9850
(which was briefly breached to the upside, and price could not stay above it).
There was a large pullback on Friday, which put more emphasis on the recent
bearish bias. There cannot be a meaningful rally on the USD/CHF as long as the
EUR/USD is able to showcase its strength.
GBP/USD: The
persistent bullish effort on GBP/USD has already paid off, and price has gained
460 pips since November 13. There was a slight bearish correction on Friday,
after which price would resume its bullish journey, targeting the distribution
territories at 1.3500, 1.3550 and 1.3600.
USD/JPY: The bias on this currency trading
instrument is essentially bearish. After testing the supply level at 114.50 in
November, price went downwards by 330 pips. Nonetheless, there was a rally
attempt last week, which would enable sellers to enter the market at great
prices, provided price goes southwards from here.
EUR/JPY: This cross is choppy in the long-term
and bullish in the short-term. Price went downwards on Monday and Tuesday,
reaching the demand zone at 132.00 and then going upwards on Wednesday. The
supply zone at 134.00 was reached before there was the ongoing bearish
correction. Price should go upwards this week, reaching the supply zone at
134.00, breaching it to the upside, and putting more emphasis on the novel
bullish bias.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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