The USD/JPY has been making some
bullish effort but there is a need for a break above the supply level at 103.00
before there is a strong Bullish Confirmation Pattern in the chart.
EUR/USD: This
pair is expected to go further upwards in this week, reaching the target at the
resistance line of 1.3800. The support line at 1.3700 should be a good barrier
to the bears. With an increase in the buying pressure in this market, the price
should be propelled towards the aforementioned target.
USD/CHF: One thing is noticed on the USDCHF: the market
is bearish but the price has not been able to go downwards determinedly. The
price fell only by 50 pips last week, and therefore the target for last week
would be repeated this week (which is the support level at 0.8850).
GBP/USD: The pair is still consolidating to the
downside – in a context of a bull market. A weekly pullback of around 180 pips
is enough to threaten the extant bias and this is the reality in the chart.
While it is possible that the price may go upwards any time, a move below the
accumulation territory at 1.6550 would render the bullish outlook completely
invalid.
USD/JPY: The USD/JPY has been making some bullish effort but there
is a need for a break above the supply level at 103.00 before there is a strong
Bullish Confirmation Pattern in the chart. Should this happen, the target for
the week is situated at the supply level of 104.00.
EUR/JPY: In spite
for the adamancy of the bears, this cross has been able to maintain its bullish
outlook, with strong determination to go further northward. There is a
possibility that the price could reach the supply zone at 142.00, but there are
possibilities of consolidation and bearish retracements along the way.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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