EUR/USD: This pair has been subject to whipsaws recently, with no protracted directional movements. Signals have been short-lived and not favorable to swing traders. Therefore, the condition in the market is favorable to intraday traders and scalpers, but not to swing and position traders. A swing trader would need to wait till the price breaks the resistance line at 1.3650 to the upside or the support line at 1.3600 to the downside.
USD/CHF: This market is also a victim of whipsaws that the EUR/USD pair is currently subject to. For a particular direction to be very vivid, the price would either need to break the resistance level at 0.8950 to the upside or the support level at 0.8900 to the downside. After this, swing traders can swing into action.
GBP/USD: In spite of the consolidation phase in this market, the bullish bias is still valid. It is more likely that when a sustained trading move resumes, it would be in the direction of an uptrend. Eventually, the price may break the distribution territory at 1.7150 to the upside.
USD/JPY: As it was expected, the USD/JPY pair was able to close below the supply level at 101.50. Although there is a weak upward bounce in the market, the price could test the demand level at 101.00. After this, the market could make further attempt to go towards the demand level at 100.50.
EUR/JPY: The price action in the chart is clearly bearish, and this cross is expected to go further downwards. The price is currently under the supply level at 138.00; plus the current upwards bounce is supposed to be contained at that level.
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Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of major pairs for July 11, 2014
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