several days of indecision, this currency trading instrument started going
downwards. The selling pressure was strong enough to push price below the
resistance line at 1.1150 (which was once a resistance line). Price could go
further downwards, for there is a now a bearish bias on the market.
USD/CHF: This pair has become a
bull market in the short-term. The EMA 11 is above the EMA 56 and the Williams’
% Range period 20 is often in the overbought region. Price went up on Monday,
dived on Tuesday, and later went up on Wednesday. This shows that it is better
to buy dips in this market, for price would continue going upwards to test the
resistance level 0.9850, though they would meet a fierce opposition at the
resistance level at 0.9900.
GBP/USD: The GBP/USD pair has gone
bearish this week: The major bias is bearish and further downwards movement is
expected. There is a Bearish Confirmation Pattern on the 4-hour chart. The
accumulation territories at 1.2600 and 1.2550 would soon be breached to the
USD/JPY: The USD/JPY pair has gone
upwards by 280 pips this week, and price is currently testing the supply level
at 104.00, which was our target for yesterday. The supply level is almost
breached to the upside, and when price goes further upwards, it would be in
favor of bulls, targeting another supply level at 104.50.
movement on this cross is quite similar to the movement on USD/JPY. Price
has rallied significantly and this seems just to be the beginning. The EMA 11
is above the EMA 56 and the RSI period 14 is above the level 50. Bulls have now
gone above the demand zones at 115.50 and 116.00 (which were our previous
targets). The next targets would be the supply zones at 116.50 and 117.00.
The material has been provided by InstaForex Company – www.instaforex.com