EUR/USD: This currency trading instrument continues to go downwards, moving below the support line at 1.1650. Another support line at 1.1600 could be breached to the downside as well.
USD/CHF: There has been an abnormal southward plunge on this pair, as a result of the actions of the Swiss National Bank. A downwards movement of over 2800 pips in a single day is not normal, but this same thing happened on all CHF pairs. For example, the CHF/JPY pair rose by close to 7000 pips in a single day. As for USD/CHF, the market is expected to correct itself gradually until things become normal. One may open a long trade with a very small lot and target about 500 pips.
GBP/USD: The Cable has proven to give an opportunity to sell short when the price was slightly higher in the context of a downtrend. The distribution territory at 1.5250 was challenged but the price was unable to close above it, and therefore, the current dip in the price could be a renewal of further bearish move.
USD/JPY: This pair has entered a bear market – the price is below the EMA 56 and the RSI period 14 is below the level 50. The next target could be the demand level at 115.50, although the price could go below that level.
EUR/JPY: This week, the EUR/JPY pair has gone downwards by more than 500 pips, owing to the ongoing weakness in the EUR and the continuous strength in the Yen. The Bearish Confirmation Pattern on the chart is now very strong and the price could break the demand zone at 135.00 to the downside.
The material has been provided by InstaForex Company - www.instaforex.com