the middle of last week, this currency trading instrument has been moving
sideways. There is a clean Bearish Confirmation Pattern in the market, and
thus, the outlook on the trading instrument remains bearish. The current
sideways movement is only a pause in the journey downwards, for the downward
movement is expected to continue.
USD/CHF: The USD/CHF merely
moved sideways on Tuesday – and the bias on the market remains bullish. The
price action and the indicators in the 4-hour chart reveal that when momentum
returns to the market, it would most probably favor the bulls. The targets for
the week remain at the resistance levels at 1.0300 and 1.0350.
GBP/USD: The bias on the GBP/USD
remains bearish, though price has moved sideways so far this week. When
momentum returns to the market, it would most probably be in favor of bears.
The accumulation territories at 1.2250 and 1.2200 are the next target for this week.
USD/JPY: Price on this pair has
moved only sideways this week – till now. The EMA 11 is above the EMA 56, and
the RSI period 14 is above the level 50. It is more likely that price would be
going upwards when a directional movement begins to happen (to emphasize the
current bullish outlook). The next immediate target is the supply level at
is a possibility of a bullish movement on the EUR/JPY cross. In spite of the
recent flat movement, the overall outlook on the market is bullish, which would
hold as long as price does not go below the demand zone at 120.50, which would
require a strong bearish pressure anyway.
The material has been provided by InstaForex Company – www.instaforex.com