EUR/USD: The bearish bias on this pair is still valid and rallies have always proffered good short-selling opportunities. The current shallow rally in the market is also seen as another opportunity to go short when the price rallies in the context of a downtrend. As long as the price is below the resistance line at 1.3000, there is a probability that the market may move downwards.
USD/CHF: This market is in a bullish mode and the buyers have always made attempts to drive the price higher in spite of serious challenges from bears. With more strength in the USD, the price may reach the resistance level at 0.9450. More challenges from the bears may cause the price to pull back towards the support level at 0.9300.
GBP/USD: Unlike its EUR/USD counterpart, the Cable has succeeded in shrugging off the bears’ attacks. The EMA 11 is above the EMA 56 (while the price is above both of them). The RSI period 14 is above the level 50. This means a Bullish Confirmation Pattern in the chart. Short trades are no longer logical here.
USD/JPY: The USD/JPY pair has been able to go further northward. The bullish bias is very significant and the price may easily test the supply level at 109.00, breaking it to the upside. However, the market looks very overbought and as a result of this, there may be a serious pullback along the way.
EUR/JPY: The Euro itself is not that strong; it is the great weakness in the Yen that has caused this pair to trend upwards significantly. The market is now very overbought and therefore, a pullback is imminent. While the market can go towards the supply zone at 150.00, the possibility of a pullback may bring it down towards the demand zone at 139.50.
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