EUR/USD: This pair
has spiked upwards by over 500 pips this week, topping at 1.014, before
retracing below the resistance line at 1.0800. Should the price cross the resistance
line at 1.0800 upwards again, staying above it. It would lead to a bull market,
which would keep on going upwards. This means that EUR is unlikely to reach parity with USD anytime soon.
USD/CHF: As we expected, a strong rally in the EUR/USD pair brought about a strong dip in the USD/CHF pair. This pair dipped by 400 pips and bounced upwards later . The movement of the EUR/USD pair will last for some time,
determining the movement of the USD/CHF pair. Moreover, some fundamental figures are
expected today and they will have an impact on the markets.
currency trading instrument also moved upwards in a positive correlation
with EUR/USD. However, the recent bearish outlook has not been rendered
useless, for the EMA 11 is still below the EMA 56. Only the RSI period 14 is above
the level 50. Unless the price is able to stay above the accumulation territory
at 1.5050, long positions would not be recommended.
USD/JPY: The USD/JPY pair dipped by over 200 pips yesterday. The price bounced upwards by another 120 pips. The price is hovering around the demand level at
120.50, though there is now a Bearish Confirmation Pattern on the chart. A
movement above the supply level at 121.50 would put the bearish scenario in
cross also rallied strongly yesterday, posing a serious threat to the recent
bearish outlook. A movement above the supply level of 130.50 would signal a new
lease of bullish journey.
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