EUR/USD: This is a bear market and it is not yet prudent to go long in it. The price is currently below the resistance line at 1.2200, going towards the support line at 1.2150. That support line is the next target to be reached, and with the current bearish outlook in the market, this is possible.
USD/CHF: This is a bull market and short trades are not recommended here. Right now, it is logical to buy short-term pullbacks with the hope that the price may go higher. Being above the support level at 0.9850, the price has a great possibility of reaching the resistance level at 0.9900. It could even breach it to the upside.
GBP/USD: The Cable has gone further downwards in the context of a downtrend, going below the distribution territory at 1.5550. The Bearish Confirmation Pattern on the chart is ever conspicuous, and the price is close to the accumulation territory at 1.5500. The probability that the accumulation territory would be breached to the downside is very high. Should this happen, the next target would be the accumulation territory at 1.5450.
USD/JPY: This currency trading instrument has been going upwards in a slow and steady manner with everything supporting the Bullish Confirmation Pattern in the market. The bias is bullish and the price would easily test the supply level at 121.00. That is the next target.
EUR/JPY: Since the JPY is weak, the EUR/JPY cross has been making attempts to go north. A break above the supply level at 147.50 would result in a confirmed bullish bias in the market.
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Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of major pairs for December 30, 2014
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