EUR/USD: EUR/USD has been making attempts to go bullish this week. The bias this week has been bullish so far, but it would not be said that the bearish bias is over unless the price closes above the resistance line at 1.2500. Otherwise, this may be another opportunity to go short at a better price.
USD/CHF: This currency trading instrument has been making attempts to go bearish this week. The movement this week has been bearish so far, but it would not be said that the bullish bias is over unless price closes below the support level at 0.9600. Otherwise, this may be another opportunity to go long at a better price.
GBP/USD: This is a bear market – unless price succeeds in going above the distribution territory at 1.5800. There are mixed signals on the chart, for the RSI period 14 is above the level 50, whereas the EMA 11 is still below the EMA 56. It means either the price goes towards the distribution territory at 1.5800 or goes below the accumulation territory at 1.5600.
USD/JPY: This pair has experienced a large pullback, dropping by over 350 pips before further pullback was rejected at the demand level of 118.00. The price bounced upwards from here and this may proffer a good opportunity to go long.
EUR/JPY: There is still a Bullish Confirmation Pattern on the chart, despite the fact that bears made a desperate attempt to pull the price lower. The attempt has been challenged at the demand zone of 147.00, and the price may go upwards from here. Being above the demand zone at 146.00 means the bullish outlook is intact.
The material has been provided by InstaForex Company - www.instaforex.com