EUR/USD: This pair remains in a bullish trend for the bulls were able to keep the price upwards in spite of the bears’ efforts to push it down. Possible targets are seen at the resistance lines of 1.1450 and 1.1500 for this week. Support lines are seen at 1.1250 and 1.1200.
USD/CHF: This is a bearish market. The selling pressure which we observed last week enabled the recalcitrant resistance level at 0.9250 to be breached to the downside (including another resistance level at 0.9200). The support level at 0.9150 has also been tested and it could be tested again. It could even be breached to the downside. As long as the price is unable to go above the resistance level of 0.9350, the bearish outlook would remain intact.
GBP/USD: The GBP/USD pair moved upwards nicely last week a movement of 350 pips. Since June 8, 2015, the price has moved upwards by 650 pips. The distribution territory at 1.5900 is being threatened now and it could be slashed to the upside, as bulls target at another distribution territory at 1.5950. However, the pair could reverse massively before the end of this week or this month.
USD/JPY: Following some protracted consolidation that first happened last week, there was a false bullish breakout in the market, which happened briefly before the bears pushed down the price. There may be further downward movemenst this week.
EUR/JPY: Although the outlook is bullish here, the price condition is not stable. This week would determine whether the price would continue going upwards or whether it would go downwards: depending largely on whatever happens to EUR.
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Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2015 |
Daily analysis of major pairs for June 22, 2015
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