EUR/USD: The first thing expected on this pair is the price to break the resistance line of 1.3800 to the upside, before going further upwards. The EMA 11 is above the EMA 56 and the position of the Williams’ % Range is in support of the bullish effort. In addition, there is a support to the bullish effort at the price line of 1.3700.
USD/CHF: The ultimate thing expected on this pair is the price to break the support level of 0.8800. This is a long-term objective, because there would be some struggle between the bears and the bulls. The EMA 11 is below the EMA 56 and the position of the Williams’ % Range is in support of the bearish effort. In addition, there is a resistance to the bulls’ machination at the price level of 0.9000. That price level is significant indeed.
GBP/USD: Interestingly, the GBP/USD has been able to stay above the accumulation territory at 1.6550 (after breaking it to the upside). The bias is bullish and the next price target is at the distribution territory at 1.7000, as forecasted earlier. The market is not currently a favorable field for the bears.
USD/JPY: This is a bull market, with a Bullish Confirmation Pattern in the chart. The supply level of 105.50 is the next target that would be reached by the price. It will continue going northwards, though there may be pullbacks on the way.
EUR/JPY: This cross has been going upwards: it is also a bull market. There could be bearish corrections along the way, but the price would be able to go further upwards towards the supply zone of 146.00.
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Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of major pairs for January 2, 2014
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