Instaforex Trading Forecasts

Commercial Content Analysts
346

This Cable remains bearish, both in long-term and short-term outlook. There is a huge Bearish Confirmation Pattern in the market, and any bullish effort should be taken as sell-shorting opportunities. Price is currently consolidating, but a breakout is imminent this week or next.

EUR/USD: The EUR/USD bounced upwards in a shallow manner on Monday. There is a strong Bearish Confirmation Pattern in the 4-hour chart, which means further bearish movement is expected this week, and that could take price towards the support lines at 1.0950 and 1.0000. However, it is unlikely that the great support line at 1.0000 would be breached.

USD/CHF: On October 17, 2016, this market made further efforts to challenge the important psychological level at 0.9900. It should be noted that bulls have repeatedly failed to go above the resistance level. However, due to the extant buying pressure in the market, the resistance level might be breached to the upside, and price may not go significantly upwards following that.

GBP/USD: This currency trading instrument remains bearish, both in long-term and short-term outlook. There is a huge Bearish Confirmation Pattern in the market, and any bullish effort should be taken as sell-shorting opportunities. Price is currently consolidating, but a breakout is imminent this week or next.

USD/JPY: Although the USD/JPY experienced a shallow bearish movement yesterday, there is a Bullish Confirmation Pattern in the chart. As long as price is above the demand level at 101.50, the bullish signal would be valid. Bulls might be able to target the supply levels 105.00 and 105.50 this week.

EUR/JPY: It is better to stay away from this market right now, because there is no directional movement (except one is trading on a very low timeframe, going for quick gains). A close look at the market shows the possibility of price going further south this week, due to the weakness of EUR.

Performed by Azeez Mustapha,
Analytical expert
Forex | Online Forex Trading | Currency Trading | Forex Broker
InstaForex Companies Group

347

Is it still good to be short EURJPY???

348

The EUR/USD was able to go downwards by more than 100 pips last week. Since October 10, 2016, price has gone down by over 300 pips. The outlook on the market, as well as other EUR pairs, is bearish for this week. Therefore, we may witness a slow and steady bearish movement that would take price towards the support lines at 1.0850 and 1.0800 this week.

EUR/USD: The EUR/USD was able to go downwards by more than 100 pips last week. Since October 10, 2016, price has gone down by over 300 pips. The outlook on the market, as well as other EUR pairs, is bearish for this week. Therefore, we may witness a slow and steady bearish movement that would take price towards the support lines at 1.0850 and 1.0800 this week.

USD/CHF: From October 12 to October 20, bulls laid a decisive to the resistance level at 0.9900, and after much persistent bullish pressure, bears gave way as price went upwards, testing the resistance level at 0.9950, and the retracing bit. Because USD is strong and because CHF is expected to drop further this week (allowing other major pairs to go upwards against it). There may be some bullish movement that would push USD/CHF above the resistance level at 0.9950 this week.

GBP/USD: This currency trading instrument went upwards from Monday till Wednesday, and then consolidated till the end of the week. This is best called a kind of consolidation in the context of a downtrend. The outlook on GBP pairs is bullish for this week, but the bullish movement on the GBP/USD might not be significant enough to threaten the ongoing major bullish bias.

USD/JPY: This market moved sideways throughout last week, but the bullish bias in it is still visible. This week, momentum would rise as price resumes its recent bullish journey, targeting the supply levels at 104.50 and 105.00. The outlook on other JPY pairs is bullish for this week, and the USD/JPY is no exception.

EUR/JPY: One major reason why this cross dropped by 170 pips last week was because EUR is weak. Further weakness in EUR would cause more southward journey, for there is a clean Bearish Confirmation Pattern in the market. However, we may witness some rally in case Yen becomes weaker than EUR this week.

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349

The bullish signal on the USD/JPY remains valid. Bulls are still willing to push price further northwards, and so, the supply levels at 104.50, 105.00 and 105.50 might be tested today or tomorrow.

EUR/USD: There has been a bearish signal on the EUR/USD. The outlook on the market, as well as other EUR pairs, is bearish for this week. Therefore, we may witness a slow and steady bearish movement that would take price towards the support lines at 1.0850 and 1.0800 this week.

USD/CHF: This market went flat on Monday – although in the context of an uptrend. A breakout is supposed to start today or tomorrow, which would favor bulls, plus the next targets for them are located at the resistance levels at 0.9950 and 1.0000. However, it is very much unlikely that the resistance level at 1.0000 would be beached to the upside. That is a great psychological level.

GBP/USD: This currency trading instrument is still consolidating. This is best called a consolidation in the context of a downtrend. The outlook on GBP pairs is bullish for this week, but the bullish movement on the GBP/USD might not be significant enough to threaten the ongoing major bullish bias.
USD/JPY: The bullish signal on the USD/JPY remains valid. Bulls are still willing to push price further northwards, and so, the supply levels at 104.50, 105.00 and 105.50 might be tested today or tomorrow.

EUR/JPY: This cross made a bullish attempt last week, however, in the context of a downtrend. The downtrend would hold out till the supply zone at 115.50 is breached to the upside (a condition that would lead to the end of the short-term bearish bias). Normally, further weakness in the EUR could cause the demand zone at 113.00 to be tested again.

Performed by Azeez Mustapha,
Analytical expert
Forex | Online Forex Trading | Currency Trading | Forex Broker
InstaForex Companies Group

350

The EUR/JPY went upwards by 230 pips last week, closing above the demand zone at 115.00 on Friday. There is now a Bullish Confirmation Pattern in the 4-hour chart, and the last candlestick on Friday reveals that bulls are still willing to push price further upwards this week. Therefore, the supply levels at 115.50, 116.00 and 116.50 would be targeted this week. In spite of the weakness in EUR, the market would continue going upwards.

EUR/USD: This market consolidated last week, and trended upwards on Friday. But the upwards attempt has not been strong enough to invalidate the overall bearish bias. This may then be seen as an opportunity to seek short trades, because the outlook on the EUR/USD and most EUR pairs, is bearish this week. The only thing that can reverse this bearish situation in the market is a large pullback in the USD/CHF.

USD/CHF: After a series of hesitation, the USD/CHF was able to go above the decisive resistance level at 0.9900. However, bears came in to push price below that resistance level. The bias on the market remains bullish and further upwards movement is expected, though it is unlikely that price would be able to go above the resistance level at 1.0000, which is an important one. CHF itself may exert some form of bullishness before the end of November 2016, though USD is strong in its own right. A serious buying pressure would be needed for the resistance level at 1.0000 to be breached to the upside; otherwise, a large pullback may occur.

GBP/USD: The Cable has been consolidating for about two weeks – an even that has resulted in a neutral bias in the short-term. The long-term outlook on the market remains bearish and when momentum rises, it would most likely favor the bears. Strong volatility would be witnessed on GBP pairs this week, and some of them would be weaker in most cases.
USD/JPY: This currency trading instrument moved upwards by 160 pips last week, to test the supply level at 105.50. The outlook on JPY pairs is bullish for this week, and the current shallow pullback is seen as another opportunity to buy long when things are on sale, and in the context of an uptrend. The supply levels at 105.50, 106.00 and 106.50 may be tested this week.

EUR/JPY: The EUR/JPY went upwards by 230 pips last week, closing above the demand zone at 115.00 on Friday. There is now a Bullish Confirmation Pattern in the 4-hour chart, and the last candlestick on Friday reveals that bulls are still willing to push price further upwards this week. Therefore, the supply levels at 115.50, 116.00 and 116.50 would be targeted this week. In spite of the weakness in EUR, the market would continue going upwards.

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351

The Cable has been consolidating for about two weeks – an even that has resulted in a neutral bias in the short-term. The long-term outlook on the market remains bearish and when momentum rises, it would most likely favor the bears. Strong volatility would be witnessed on GBP pairs this week, and some of them would be weaker in most cases.

EUR/USD: There seems to be a novel bullish signal on the EUR/USD, owing to what happened in the market on Monday. Price actions reveals willingness to push price further upwards, targeting the resistance lines at 1.1000, 1.1050 and 1.1100. This could lead to a Bullish Confirmation Pattern in the 4-hour chart.

USD/CHF: This currency trading instrument shows a slight weakness on October 31, which almost resulted a bearish signal. However, the outlook for this week is bearish, and the resistance levels at 0.9950 and 1.0000 could be tested. It may not be easy for bulls to push price above the resistance level at 1.0000 because it is an important psychological level.

GBP/USD: The Cable has been consolidating for about two weeks – an even that has resulted in a neutral bias in the short-term. The long-term outlook on the market remains bearish and when momentum rises, it would most likely favor the bears. Strong volatility would be witnessed on GBP pairs this week, and some of them would be weaker in most cases.
USD/JPY: Bulls are still able to uphold the Bullish Confirmation Pattern that is being seen on this pair. The outlook on JPY pairs (the USD/JPY included) is bullish for this week, and therefore, a price movement towards the supply levels at 105.50, 106.00 and 106.00 could be witnessed this week.

EUR/JPY: This is a bull market in the short-term. The bullishness started last week, and it remains intact. The supply zones that are being watched are located at 115.50 and 116.00. The demand zones at 114.00 and 113.50 would impede attempts to push price significantly southwards.

Performed by Azeez Mustapha,
Analytical expert
Forex | Online Forex Trading | Currency Trading | Forex Broker
InstaForex Companies Group

352

The GBP/USD went upwards by 370 pips last week, testing the distribution territory at 1.2550. This has led to a bullish bias in the short-term, and additional movement of 1000 pips to the upside would also result in bullish bias on a bigger timeframe like the daily chart. Unless USD gathers lots of stamina this week, bulls would attempt to reach the distribution territories at 1.2600 and 1.2650.

EUR/USD: This market was able to go further upward, following the rally attempt it began on October 28. Since then, price has gone upwards 240 pips, leading to a bullish outlook on the market, Further rally is anticipated this week, for bulls would be willing to target the resistance lines at 1.1150, 1.1200 and 1.1250. The only threat to the current bullish signal is when USD gathers vivid stamina.

USD/CHF: Since this pair could not go above the great psychological level at 1.0000 (even an attempt to reach it on October 25 was forestalled), price dropped sharply last week. The market closed below the resistance level at 0.9700, forming a strong Bearish Confirmation Pattern in the 4-hour chart. Unless USD gathers lots of stamina this week, further bearish movement is possible.

GBP/USD: The GBP/USD went upwards by 370 pips last week, testing the distribution territory at 1.2550. This has led to a bullish bias in the short-term, and additional movement of 1000 pips to the upside would also result in bullish bias on a bigger timeframe like the daily chart. Unless USD gathers lots of stamina this week, bulls would attempt to reach the distribution territories at 1.2600 and 1.2650.

USD/JPY: The USD/JPY went flat on Monday, and then began to decline on Tuesday. Price almost tested the demand level at 102.50, and it would make an attempt to test it this week (it could even breach it to the downside). The recent bullish bias has been rendered invalid because of the decline that was witnessed last week. However, this does not rule out a possibility of bullish attempts on JPY pairs.

EUR/JPY: This currency trading instrument did not do anything significant last week. Price merely underwent some bearish correction in the middle of last week, and then ended with a bullish candle on Friday. By the end of this week, price would have gone above the supply zone at 115.50; or below the demand zone at 113.00.

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353

The USD/JPY opened this week with a gap-up; a harbinger of strong volatility in the market. Gaps were also witnessed on some other majors, which means strong movements would be seen this week. The USD/JPY is currently above the demand level at 104.50, and bulls may test the supply levels at 105.00.

EUR/USD: The EUR/USD plummeted last week, forming a strong Bullish Confirmation Pattern in the 4-hour chart. On November 7, price merely consolidated in the context of an uptrend. Unless USD gathers lots of stamina this week, further bullish movement is possible.

USD/CHF: The USD/CHF plummeted last week, forming a strong Bearish Confirmation Pattern in the 4-hour chart. On November 7, price merely consolidated in the context of a downtrend. Unless USD gathers lots of stamina this week, further bearish movement is possible.

GBP/USD: There is already a bullish signal in this market, as made evident by a Bullish Confirmation Pattern in the 4-hour chart. Price has been corrected downwards a bit, on Monday; but there cannot be a threat to the current bullish outlook as long as price has not broken the accumulation territory 1.2200 to the downside.

USD/JPY: The USD/JPY opened this week with a gap-up; a harbinger of strong volatility in the market. Gaps were also witnessed on some other majors, which means strong movements would be seen this week. The USD/JPY is currently above the demand level at 104.50, and bulls may test the supply levels at 105.00.

EUR/JPY: The gap-up that has happened on this currency cross has resulted in a bullish signal in the market. Last week showed some hesitation – that has been ended by the gap-up. There is a potential for the market to reach the supply zones at 115.50, 116.00 and 116.50. The supply zone at 115.50 has been tested and it might be tested again.

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354

The USD/JPY is already in a bullish mode, as forecasted last week. Price consolidated on Friday and closed above the demand level at 106.50. The next target for bulls are located at the supply levels of 107.00, 107.50 and 108.00. The outlook for most JPY pairs is bullish for this week, and therefore, further bullish journey is anticipated.

EUR/USD: The EUR/USD began trending downwards on November 7, but this was seriously interrupted on Wednesday. However, the bearish journey resumed that day, and the market went down by 240 pips overall. The support line at 1.0850 is being besieged, and it might be breached to the downside. On the other hand, there are chances that the EUR/USD would rally this week, especially when the USD/CHF pulls back significantly.

USD/CHF: This pair traded sideways on Monday and Tuesday, pulled back significantly on Wednesday and rallied massively the same day. Price was able to close above the support level at 0.9850, going towards the resistance levels at 0.9900 and 1.0000. The resistance level at 1.0000 is a great psychological level – it would be difficult to breach it to the upside.

GBP/USD: This market consolidated from Monday till Thursday and trended higher on Friday. The bias remains bullish in the short-term and bearish in the long-term. The outlook on the GBP/USD (and some GBP pairs) is bullish for this week. Further movement of about 500 pips to the upside would also result in a bullish signal in the daily chart.

USD/JPY: The USD/JPY is already in a bullish mode, as forecasted last week. Price consolidated on Friday and closed above the demand level at 106.50. The next target for bulls are located at the supply levels of 107.00, 107.50 and 108.00. The outlook for most JPY pairs is bullish for this week, and therefore, further bullish journey is anticipated.

EUR/JPY: Unlike the USD/JPY, this currency trading instrument did not move upwards significantly last week. The market environment is quite choppy, and the possibility of a bullish movement this week would depend on the condition surrounding the Euro. In case price goes upwards, the supply zones at 116.00, 116.50, and 117.00 could be targeted.

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355

The USD/CHF has continued its bullish journey, now above the support level at 0.9950. The great psychological level at 1.0000 has been tested, and it could be tested again. Lots of buying pressure would be needed for the psychological level to be breached to the upside; otherwise a pullback could be witnessed.

EUR/USD: The initial targets at 1.0800 and 1.0750 have been breached by this currency trading instrument. The next targets are located at the support lines of 1.0700 and 1.0650. On the other hand, there are chances that the EUR/USD would rally this week, especially when the USD/CHF pulls back significantly.

USD/CHF: The USD/CHF has continued its bullish journey, now above the support level at 0.9950. The great psychological level at 1.0000 has been tested, and it could be tested again. Lots of buying pressure would be needed for the psychological level to be breached to the upside; otherwise a pullback could be witnessed.

GBP/USD: This market was engaged in a shallow bearish correction on Monday, while the short-term bias remains bearish. A movement of about 250 pips to the downside would put the short-term bullish bias in jeopardy and strengthen the long-term bearish bias. What would happen today or tomorrow would determine the situation on the market.

USD/JPY: The USD/JPY has been trending upwards strongly. From the low of 101.19, which was reached last Wednesday, price has gone upwards by 730 pips, forming a strong Bullish Confirmation Pattern in the market. The supply level at 108.50 is almost breached to the upside, and it would soon be breached to the upside.

EUR/JPY: This currency cross managed to go further upwards on November 14, 2016. There is already a bullish signal in the market; plus price is above the demand zone at 116.00, going towards the supply zones at 116.50 and 117.00. Since the outlook on JPY pairs is bullish for this week, it is possible that price would end up staying above those supply zones.

Performed by Azeez Mustapha,
Analytical expert
Forex | Online Forex Trading | Currency Trading | Forex Broker
InstaForex Companies Group

356

The USD/CHF managed to climb above the great psychological level at 1.0000 last week, and testing the resistance level at 1.0100. Price may be able to target the resistance level at 1.0200 this week, but any signs of weakness in USD may send the pair plunging below the psychological level at 1.0000.

EUR/USD: This pair trended south by 270 pips last week. Since November 9, 2016, it has come down by 700 pips. Further downwards movement is possible this week, provided that USD does not showcase any signs of strength.

USD/CHF: The USD/CHF managed to climb above the great psychological level at 1.0000 last week, and testing the resistance level at 1.0100. Price may be able to target the resistance level at 1.0200 this week, but any signs of weakness in USD may send the pair plunging below the psychological level at 1.0000.

GBP/USD: This pair moved downwards throughout last week, losing another 230 pips. The bias has become bearish in the short and long terms. And the accumulation territories at 1.2250, 1.2200 and 1.2150 might be reached this week. This market is currently not ideal for long trades. Rather, rallies should be seen as opportunities to go short.

USD/JPY: The USD/JPY went upwards by over 400 pips last week. Since November 9, price has gone upwards from the low of that day. There is a huge Bullish Confirmation Pattern in the market, and further northwards journey is anticipated. Just as it was forecasted and true of last week, the outlook on JPY pairs remains bullish for this week. The trending movement on the USD/JPY is the strongest in recent months.

EUR/JPY: This cross also managed to go upwards last week, largely owing to the weakness of Yen. The supply zone at 117.50 has been tested and it would be breached to the upside this week, as bulls target the supply zones at 118.00 and 118.50. Because of the weakness in Yen, even weak currencies like GBP and EUR were able to rally versus it. In case a currency was strong in its own right, just like the case of USD, we would witness a very strong bullish movement, as we have already done.

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357

The Cable moved upwards by 180 pips yesterday – in the context of a downtrend. The upwards movement was not significant enough to override the short-term bearish bias. Further bullish movement of about 200 pips, would however, result in a bullish signal in the 4-hour chart.

EUR/USD: This currency trading instrument simply went flat on Monday. There would soon be a rise in the momentum, and further downwards movement is possible this week, provided that USD does not showcase any signs of strength.

USD/CHF: The USD/CHF did not do much on November 21. It managed to climb above the great psychological level at 1.0000 last week, and testing the resistance level at 1.0100. Price may be able to target the resistance level at 1.0200 this week, but any signs of weakness in USD may send the pair plunging below the psychological level at 1.0000.

GBP/USD: The Cable moved upwards by 180 pips yesterday – in the context of a downtrend. The upwards movement was not significant enough to override the short-term bearish bias. Further bullish movement of about 200 pips, would however, result in a bullish signal in the 4-hour chart.

USD/JPY: The USD/JPY has been going further and further upwards. There is a huge Bullish Confirmation Pattern in the market, and further northwards journey is anticipated. So bulls might target the supply levels at 115.50, 112.00 and 112.50 this week. This kind of bullish movement would hold as long as the Yen is weak.

EUR/JPY: This cross pair moved a bit upwards on Monday, and it is now very close to the supply zone at 118.00. A break above the supply zones at 118.50 and 119.00 is anticipated this week. This should happen unless the Yen gains a considerable amount of stamina, which might result in a large pullback.

Performed by Azeez Mustapha,
Analytical expert
Forex | Online Forex Trading | Currency Trading | Forex Broker
InstaForex Companies Group

358

The GBP/USD moved sideways throughout last week, resulting in a neutral bias in the near-term. The neutral bias has been going on for about two weeks, while the dominant bias on higher timeframes is bearish. A break out of the sideways movement is expected this week or next, and would most probably favor bears.

EUR/USD: This pair consolidated throughout last week – in the context of a downtrend. A rise in momentum is expected this week, and it would most probably favor bears. Therefore, the support lines at 1.0550, 1.0500 and 1.0450 would be targeted this week. This pair would make some bullish attempt in due course, but the bearish journey would eventually resume. It would even be strong in December.

USD/CHF: This pair did not go upwards significantly last week, but it made some noticeable bullish effort, in a bull market. There is a Bullish Confirmation Pattern in the chart, and when the trend resumes, the resistance levels at 1.0150, 1.0200 and 1.0250, would be tested. Bearish corrections along the way would be transitory, and may not take price below the support levels at 1.0050 and 1.0000.

GBP/USD: The GBP/USD moved sideways throughout last week, resulting in a neutral bias in the near-term. The neutral bias has been going on for about two weeks, while the dominant bias on higher timeframes is bearish. A break out of the sideways movement is expected this week or next, and would most probably favor bears.

USD/JPY: This currency trading instrument is one of the strongest moving currency pairs at the present. Since the low of November 9, 2016, price has moved upwards by 1250 pips, and the current shallow bearish correction is simply another resting phase for bulls, before they continue pushing price further northwards. The outlook on JPY pairs is bullish for this week, which could make the USD/JPY go further north.

EUR/JPY: This cross moved upwards by 250 pips last week, testing the supply zone at 120.00. The supply zone would be tested again and get breached to the upside, as price targets another supply zones at 121.00 and 122.00. One reason for this clean bullish movement is a persistent weakness in the Yen, which enables the Euro to go upwards against it until Yen will gather some stamina.

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359

The EUR/USD did not move significantly yesterday, and the overall bias in the market is bearish. A rise in momentum would happen this week, which would most probably favor the current bearish bias. The support levels at 1.0550 and 1.0500 could still be reached.

EUR/USD: The EUR/USD did not move significantly yesterday, and the overall bias in the market is bearish. A rise in momentum would happen this week, which would most probably favor the current bearish bias. The support levels at 1.0550 and 1.0500 could still be reached.

USD/CHF: This currency trading has not undergone much movement this week. There is a Bullish Confirmation Pattern in the chart, and when the trend resumes, the resistance levels at 1.0200 and 1.0250, would be tested. Bearish corrections along the way would be transitory, and may not take price below the support levels at 1.0050 and 1.0000.

GBP/USD: The GBP/USD moved sideways throughout last week, resulting in a neutral bias in the near-term. The neutral bias has been going on for about two weeks, while the dominant bias on higher timeframes is bearish. A break out of the sideways movement is expected this week or next, and would most probably favor bears.

USD/JPY: This pair is yet to move significantly this week. The outlook on the market, as well as on other JPY pairs, remains bullish for this week. When price breaks out, it should favor the current bullish outlook. Therefore, the supply levels at 113.00, 113.50 and 114.00 would be tested today or tomorrow.

EUR/JPY: This pair is yet to move significantly this week, but right now, bulls are making effort to push price upwards. The outlook on the market is bullish for this week. The supply zones at 119.50, 120.00 and 120.50, could be tested anytime this week. Any possible pullbacks could be contained at the demand zones at 118.00 and 117.50.

Performed by Azeez Mustapha,
Analytical expert
Forex | Online Forex Trading | Currency Trading | Forex Broker
InstaForex Companies Group

360

The GBP/USD ended a two-week consolidation by breaking upwards significantly, just as it was already anticipated. Price went upwards 330 pips, closing above the accumulation territory at 1.2700. GBP would rally versus some majors this week, and as it is rallying versus USD (which is also strong in its own right), further bullish movement is expected.

EUR/USD: This pair consolidate throughout last week, and a closer look reveals some consolidation to the upside. This means there could be some rally this week, which would also be checked by the strength in USD itself. There are resistance lines at 1.0750 and 1.0800. There are also support lines at 1.0550 and 1.0500.

USD/CHF: The USD/CHF has been caught in an equilibrium phase that has lasted for one week. A closer look at the market shows bears are trying hard to push price downwards – an action that could be aided by expected stamina in CHF this week. There are resistance levels at 1.0150 and 1.0200. There are also support levels at 1.0050 and 1.0000.

GBP/USD: The GBP/USD ended a two-week consolidation by breaking upwards significantly, just as it was already anticipated. Price went upwards 330 pips, closing above the accumulation territory at 1.2700. GBP would rally versus some majors this week, and as it is rallying versus USD (which is also strong in its own right), further bullish movement is expected.

USD/JPY: This currency trading instrument went upwards by 300 pips last week. Price reached the supply level at 114.50, but it could not close above it, since price retraced backwards a little on Friday. The outlook on this market is bullish this week, and a resumption of bullish journey could cause the supply level at 114.50 to be eventually overcome as price goes towards the supply levels at 115.00, 115.50 and 116.00.

EUR/JPY: This cross went upwards significantly last week. There is a Bullish Confirmation Pattern in the market, and further bullish movement could happen this week, as EUR itself is supposed to rally versus some major currencies. Price might reach the supply zones of 122.00, 122.50 and 123.00; plus the demand zones at 120.00 and 119.50 should hinder some possible bearish machinations this week.

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361

The EUR/JPY went south in the first few hours of this trading week. Price quickly recovered and went upwards 350 pips, from a daily low of 119.50 (Monday). The action has put more emphasis on the recent bullish bias. The resistance line at 123.00 has been tested, and it would be tested again.

EUR/USD: The EUR/USD made a faint bearish start this week, and later started trending upwards. Price has moved upwards by over 200 pips, and this has resulted in a new bullish bias in the market. Thus the market is supposed to be going upwards this week, reaching the resistance lines at 1.0800, 1.0850 and 1.0900 this week.

USD/CHF: A bearish signal has appeared on the USD/CHF, and it is possible that price would continue that go further downwards. More southerly movement may result in price reaching the support levels at 1.0050 and 1.0000. However, it would be difficult for price to break the support level at 1.0000 to the downside.

GBP/USD: This is a bullish, as well as a volatile market. Price began a bullish movement last week and it has gone north by 300 pips since then, and now targeting the distribution territory at 1.2750. That distribution territory is supposed to be breached to the upside soon, as price goes further and further upwards.

USD/JPY: This pair consolidated yesterday – in the context of an uptrend. There is a Bullish Confirmation Pattern in the market and a rise in momentum should end up favoring the extant bullish outlook, for the outlook is also bullish for this week. The supply levels at 114.50, 115.00 and 115.50 remain the bullish targets for the week.

EUR/JPY: The EUR/JPY went south in the first few hours of this trading week. Price quickly recovered and went upwards 350 pips, from a daily low of 119.50 (Monday). The action has put more emphasis on the recent bullish bias. The resistance line at 123.00 has been tested, and it would be tested again.

Performed by Azeez Mustapha,
Analytical expert
Forex | Online Forex Trading | Currency Trading | Forex Broker
InstaForex Companies Group

362

The USD/JPY consolidated last week, and then began to trend upwards on Friday. There is a Bullish Confirmation Pattern in the 4-hour chart, and since the outlook on JPY pairs remains bullish for this week, the USD/JPY would also normally trend further upwards. The targets for this week are located at the supply levels of 115.50, 116.00 and 116.50.

EUR/USD: There is a clean “sell” signal on this pair. Price generally moved downwards last week, closing below the resistance line at 1.0600, and nearly reaching the support line at 1.0550. This week, price could reach the support lines at 1.0550, 1.0500 and 1.0450, for the outlook on the market is bearish. In fact, there is a possibility that EUR may reach parity with USD in a foreseeable future.

USD/CHF: There is a bullish signal on the USD/CHF. In spite of tight volatility and bears’ machinations last week, bulls were able to push the market up a bit. Price is now above the support level at 1.0150, targeting the resistance levels at 1.0200 and 1.0250. CHF is bound to gather some stamina this week, it may not affect the USD/CHF, unless the stamina is too much.

GBP/USD: The Cable pulled back most of the last week, closing at 1.2576 on Friday. This has become a threat to the recent bullish bias on the market; plus a movement below the accumulation territory at 1.2500 would result in the end of the bullish bias. For the bullish bias not to be overruled, price needs to stay above that accumulation territory.

USD/JPY: The USD/JPY consolidated last week, and then began to trend upwards on Friday. There is a Bullish Confirmation Pattern in the 4-hour chart, and since the outlook on JPY pairs remains bullish for this week, the USD/JPY would also normally trend further upwards. The targets for this week are located at the supply levels of 115.50, 116.00 and 116.50.

EUR/JPY: The market was quite choppy last week – but the bullish outlook on it remains intact. This week, further upwards movement is expected as price would likely reach the supply zones at 122.00, 122.50 and 123.00. As long as the demand zones at 120.00 and 119.50 are not breached to the downside, the bullish outlook would remain rational.

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The GBP/USD trended upwards yesterday, which resulted in another bullish signal. Price is now above the accumulation territory at 1.2650, targeting the distribution territories at 1.2700 and 1.2750. As long as price does not go south by 200 pips from here, the bullish signal would be valid.

EUR/USD: This pair went upwards on Monday – in the context of a downtrend. The upwards movement could be taken as another short-selling opportunity, unless the resistance line at 1.0800 is overcome (which would require a serious buying pressure). Price may still target the support lines at 1.0600 and 1.0550.

USD/CHF: This pair went downwards on Monday – in the context of an uptrend. The downwards movement could be taken as another buy-long opportunity, unless the support level at 1.0050 is breached to the downside (which would require a serious selling pressure). Price may still target the resistance levels at 1.0200 and 1.0250.

GBP/USD: The GBP/USD trended upwards yesterday, which resulted in another bullish signal. Price is now above the accumulation territory at 1.2650, targeting the distribution territories at 1.2700 and 1.2750. As long as price does not go south by 200 pips from here, the bullish signal would be valid.

USD/JPY: This market experienced a minor correction on December 12. There is a Bullish Confirmation Pattern in the 4-hour chart, and since the outlook on JPY pairs remains bullish for this week, the USD/JPY would also normally trend further upwards. The targets for this week are located at the supply levels of 115.50, 116.00 and 116.50.

EUR/JPY: This is a bull market, and it is supposed to continue trending upwards. The EUR is weak in itself, but the reason it is going up against the JPY is because the latter is weaker than it is. The supply zones at 123.00 and 123.50 could be targeted this week.

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The USD/CHF went seriously upwards last week, testing the resistance level at 1.0300 before retracing a little. The outlook on the market remains bullish for the week, as USD is supposed to continue gathering stamina. The targets for this week are located at the resistance levels of 1.0300, 1.0305 and 1.0400.

EUR/USD: The pair went seriously downwards last week, testing the support line at 1.0400 briefly before engaging in a shallow bullish correction. The outlook on the market remains bearish for the week, as EUR is supposed to continue being weak. The targets for this week are located at the support lines at 1.0400, 1.0350 and 1.0300.

USD/CHF: The USD/CHF went seriously upwards last week, testing the resistance level at 1.0300 before retracing a little. The outlook on the market remains bullish for the week, as USD is supposed to continue gathering stamina. The targets for this week are located at the resistance levels of 1.0300, 1.0305 and 1.0400.

GBP/USD: The Cable consolidated from Monday to Wednesday, when it plummeted heavily, to test the accumulation territory at 1.2400. That accumulation territory is bound to be tested again, and breached to the downside, as the outlook on GBP pairs remains bearish for the rest of this year. Long trades are not recommended right now, because price is expected to continue going further downwards.

USD/JPY: This is a significant bull market. There are clean Bullish Confirmation Patterns on 4-hour and daily charts. The market would pause, trend upwards. Pause again, and then upwards again – in its journey towards the north. Short trades are not advisable in this market.

EUR/JPY: This currency cross is also a bull market; just like the USD/JPY. Since the Yen is very weak, it would be logical to conclude that price would continue to go upwards (though EUR is weak in itself). The targets for this week are located at the supply zones at 118.50, 119.00 and 119.50. There is a Bullish Confirmation Pattern in the market.

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The USD/CHF is still in a bullish mode. Price is supposed to continue going upwards this week, reaching the resistance levels at 1.0300 and 1.0350. The bullish outlook would be valid as long as price does not go below the support levels at 1.0050 and 1.0000.

EUR/USD: This pair was bearish last week, and it has started going downwards this week. There is a strong Bearish Confirmation Pattern in the market, and there is a possibility that EUR would reach parity with USD within the next several months.

USD/CHF: The USD/CHF is still in a bullish mode. Price is supposed to continue going upwards this week, reaching the resistance levels at 1.0300 and 1.0350. The bullish outlook would be valid as long as price does not go below the support levels at 1.0050 and 1.0000.

GBP/USD: The movement on the Cable is quite similar to the movement on the EUR/USD. The outlook on the market is bearish, and this is what is supposed to continue this week (and this month). The accumulation territories at 1.2350 and 1.2300 could be targeted eventually.

USD/JPY: This is a significant bull market. There are clean Bullish Confirmation Patterns on 4-hour and daily charts. However, this does not rule out the possibility of bearish corrections in the market. Price is supposed to continue trending upwards following the correction, which should not take the price below the demand level at 115.50.

EUR/JPY: This currency cross is not attractive at the moment. There is no directional bias…. And from now on, the direction of the market would be determined by the situation surrounding the EUR. There is a possibility that price would go into a deep correction soon.

Performed by Azeez Mustapha,
Analytical expert
Forex | Online Forex Trading | Currency Trading | Forex Broker
InstaForex Companies Group