The USD/CHF tested the resistance level at 0.8950 last week.
It would test that resistance level again this week.
EUR/USD: In spite of the adamancy of the EUR, this pair
remains a bear market. Yes, the outlook is bearish and the market is expected
to continue going lower this week. The support line at 1.3700 has been
challenged vigorously and it is almost giving way to the bears. The main target
for this week is at the support line of 1.3600.
USD/CHF: The
USD/CHF tested the resistance level at 0.8950 last week. It would test that
resistance level again this week. There is a Bullish Confirmation Pattern in
the chart, and thus it is normal to expect that, with an increase in the buying
pressure, the price would go further upwards.
GBP/USD: Last week, the Cable was largely bearish. This
constant inability to trend higher has already resulted in a bearish signal in
the chart. One may want to seek short trades as the price is poised to reach
the accumulation territory at 1.6550. Should that accumulation territory be
breached to the downside, the next target would be the accumulation territory
at 1.6500.
USD/JPY: There has been a
sharp reversal on the USD/JPY, though the long-term bias is bullish. From the
supply level at 104.00, the price dropped by over 80 pips, closing at 103.24 on
Friday (April 4, 2014). For the bullish bias to continue to make sense, the
reversal must be contained at the demand level of 103.00.
EUR/JPY: The
weakness of the EUR is affecting the movement on the cross – which is showing
some sign of weakness. The price must stay above the demand zone at 141.00.
Otherwise, the tide would turn southward.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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