EUR/USD: The EUR/USD went further south yesterday, going below the support line at 1.2150. The price is currently above the support line, but it may go below it again, closing below it. The eventual target for bears is at the support line at 1.2100.
USD/CHF: This market went above the resistance level at 0.9900 briefly before closing below it. It is expected that the price would go above that resistance level again, closing above it. The bias in the market is bullish and with just a movement of over 100 pips, the USD could reach parity with the CHF.
GBP/USD: The Cable tested the accumulation territory at 1.5500 before the current upward bounce in the market. The upwards bounce is supposed to be transient, not going above the distribution territory at 1.5600. It is likely that the accumulation territory at 1.5500 could be tested again: the price could even go below it.
USD/JPY: The sudden stamina in the JPY caused this currency trading instrument to go south on Tuesday. The southward movement was strong enough to lead to a Bearish Confirmation Pattern on the chart. The price is now below the EMA 21 and the RSI period 14 is below the level 50. A movement below the demand level at 119.00 would signify further weakness in the market.
EUR/JPY: The sudden strength in the Yen has caused the EUR/JPY pair (and some JPY pairs) to go downwards by around 200 pips on Tuesday. The demand zone at 145.00 has been tested and with further weakness in the market, the demand zone would be tested again and possibly breached to the downside.
| ||
Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of major pairs for December 31, 2014
No comments:
Post a Comment