From a low
of 0.8702, the USD/CHF shot upwards significantly. The pair trended upwards by
over 160 pips within 2 days. This is the strongest upward move since early
April 2014.
EUR/USD: As a result of exponential weakness in the Euro, this
currency trading instrument has formed a Bearish Confirmation Pattern and the
price is supposed to continue to nosedive this week. This is true of all other
EUR pairs. From a high of 1.3993, the price dropped by over 240 pips. This
could be a beginning of another long-term downtrend: the price could reach the
support line at 1.3700 this week.
USD/CHF: From a low of 0.8702, the USD/CHF shot upwards
significantly. The pair trended upwards by over 160 pips within 2 days. This is
the strongest upward move since early April 2014. Needless to say, the
established bias is now bullish and it is expected to continue this week. Our
targets are set at the resistance levels of 0.8900 and 0.8950. In the course of
this, the support level at 0.8800 ought to act as a barrier to possible
pullbacks along the way.
GBP/USD: This pair has also
dropped in a serious mode. This is possible because of the perceived strength
in the USD. The accumulation territory at 1.6850 has been challenged and the
price needs to go below that territory in order for the bearish bias to get
confirmed.
USD/JPY: On Friday, there was no significant movement
in this market. The outlook remains bearish, but the price needs to breach the
demand level at 101.50 to the downside, so that the bias can continue to be
valid.
EUR/JPY: The price action on
this currency trading instrument has resulted in an established bearish
outlook. The price could reach the demand zone at 139.00 this week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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