The USD/JPY is currently a market in which short-term
traders and scalpers thrive. There have been short-term swings in the market –
as the price oscillates between the supply level at 124.00 and the demand level
at 122.00. There is a need for a break above the aforementioned supply level or
demand level before there could be a strong directional movement.
EUR/USD: This is
a bear market and it is expected that the price would continue to go further
downwards. At least, the price should be able to test the support lines at
1.1000 and 1.0950 this week. Only a movement above the resistance line at
1.1400 could render this expectation invalid.
USD/CHF: Following
the severe bearish plunge that happened on June 29, the USD/CHF has rallied
vividly. From the support level at 0.9250, the price has gone upwards by 250
pips, testing the resistance level at 0.9500. There is currently a shallow
bearish retracement in the market but the resistance level at 0.9500 could be
tested again, and eventually breached to the upside. When the price goes below
the support line at 0.9250, then the existing bullish outlook would be rendered
useless.
GBP/USD: As
forecasted, the GBP/USD broke below the distribution territory at 1.5650,
testing the recalcitrant accumulation territory at 1.5600. The recent
equilibrium phase is over, and it has resulted in a Bearish Confirmation
Pattern. There is a possibility that this is the beginning of a protracted
downtrend.
USD/JPY: The
USD/JPY is currently a market in which short-term traders and scalpers thrive.
There have been short-term swings in the market – as the price oscillates
between the supply level at 124.00 and the demand level at 122.00. There is a
need for a break above the aforementioned supply level or demand level before
there could be a strong directional movement.
EUR/JPY: The
effects on the Euro would also have effects on this currency trading instrument
in this week. A significant strength in the Euro would cause the instrument to
skyrocket; whereas, any serious weakness in the Euro would cause it to plummet.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
What Super Traders Don’t Want You
To Know: http://www.advfnbooks.com/books/supertraders/index.html
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