EUR/USD: The condition on EUR/USD remains dicey. Rallies into the resistance lines at 1.2500 and 1.2600 should be seen as short-selling opportunities (for price may go further downwards from there). It is only a break above the resistance line at 1.2600 that can render the bearish bias invalid.
USD/CHF: The situation on USD/CHF is unchanged and it requires tact. Pullbacks into the support levels at 0.9600 and 0.9550 should be seen as good offers to buy long, unless price breaks the support level at 0.9550 to the downside. In that case, the bias could turn bearish.
GBP/USD: Cable tested the accumulation territory at 1.5600 and later bounced upwards by over 150 pips. Before it can be said that the bias is bullish, price needs to go above the distribution territory at 1.5800. Otherwise, the price action may offer another short-selling opportunity, as price tries to test the accumulation territory at 1.5700 again.
USD/JPY: This currency trading instrument has tested the ultimate target at 119.00, before the current shallow pullback. However, the dominant bias remains bullish and the shallow pullback may be challenged at the demand levels at 117.50 and 117.00. From these levels, price may turn upwards again.
EUR/JPY: This market has also experienced a shallow pullback; but it may trend further upwards (as the demand zones at 147.00 and 146.50 are poised to act as barriers to further bearish attempts). The ultimate target is still at the supply zone of 149.00.
The material has been provided by InstaForex Company - www.instaforex.com