The fundamentals that were released on Friday, September 6,
2013 caused some corrections in the markets, but the dominant biases are still
valid.
EURUSD: The dominant
bias on this pair is bearish, and the bullish attempt that was brought about on
Friday could encounter an immediate check at the resistance line of 1.3200.
This week, it is more likely that support line of 1.3100 would end up being
tested; even possibly breached to the downside.
USDCHF: The USDCHF
went upwards last week. Getting to the resistance level of 0.9450 (which was
tested a few times), it went downwards by 100 pips. Interestingly, the downward
move was checked at the support level of 0.9350, from which the price bounced
upwards. The support level is an immediate check to the current bearish
attempt.
GBPUSD: This recalcitrant currency instrument has been
turbulent, though going upwards steadily. The Bullish Confirmation Pattern on
the chart affirms the possibility of the price going upwards. It is reasonable to continue to hold on to
the possibility of the price reaching the distribution territory of 1.5700.
USDJPY: The
fundamentals that were released on Friday, September 6, 2013 caused some
corrections in this market, but the dominant bias is still valid. On the
USDJPY, the price peaked at the demand level of 100.00 and went down spiraling,
touching the demand level at 98.55. There could be a jeopardy to the bullish
interest should the price go below that demand level.
EURJPY: From the supply zone of 132.00, the cross has
nosedived by almost 200 pips. This price action is a serious threat to the
bullish outlook, which would be rendered invalid should the price go further
south.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: Lessons from Expert Traders
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