The situation on the USD/CHF is
now getting interesting. After a long period of siege and repeated bullish attacks,
the price managed to close above the support level of 0.8950. For the bullish victory
to continue, the price needs to move towards the resistance level at 0.9000.
EUR/USD: After much
determined effort on the side of the bears, the resistance line at 1.3650 was
breached to the downside. It was not an easy task, for the price had been
making that attempt since the middle of this month. It is now intriguing to see
what the price would do next. According to the established bias, the price
might continue trading downwards, going towards another support line at 1.3600.
USD/CHF: The situation on the USD/CHF
is now getting interesting. After a long period of siege and repeated bullish
attacks, the price managed to close above the support level of 0.8950. For the
bullish victory to continue, the price needs to move towards the resistance
level at 0.9000. This week would thus
see whether this target would be realized or not. Yes, the situation is
interesting!
GBP/USD: This market appears
to be unable to sustain the recent bullish indication on it. From the
distribution territory at 1.6900, the market nosedived and closed below the
distribution territory at 1.6850. A test of the accumulation territory at
1.6800 would mean the end of the bullish indication; which means short trades
may then be sought.
USD/JPY: There is now a Bullish Confirmation Pattern on
this pair, as it moves determinedly upwards. The price ought to easily breach
the supply level at 102.00 to the upside, as it goes towards another supply
level at 102.50.
EUR/JPY: The southward
outlook on this market remains valid, in spite of the current shallow rally in
the market. The rally is currently being challenged at the supply zone of
139.00 – a zone from which price could nosedive.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Learn from the Generals of the Markets:
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