USDCHF has pulled back from the resistance level of 0.9150. The price is now challenging the support level of 0.9100.
EURUSD: This pair has bounced upwards from the support line of 1.3450, but this is supposed to be a rally in the context of an uptrend. The rally should not go beyond the resistance line of 1.3600 (in an extreme case), otherwise the extant bearish outlook would be put in jeopardy.
USDCHF: USDCHF has pulled back from the resistance level of 0.9150. The price is now challenging the support level of 0.9100. Generally, this should be a correction which proffers a good opportunity to go long at better prices. It is assumed that the price would go upwards again to test the resistance level of 0.9150.
GBPUSD: The Cable is also having a Bearish Confirmation Pattern on the chart, and as such, the current rally on it could be contained at the distribution territory of 1.6000, and ultimately the price would go back downwards to test the accumulation territory of 1.5900, which could be possible be breached to the downside.
USDJPY: This currency instrument came down a little yesterday, but the bullish signal is still extant. The RSI period 14 is considered of as being above the level 50, while the price itself is above the EMA 50. Normally, the current correction should not take the price below the demand level of 98.00, for the present outlook to continue to be valid.
EURJPY: This cross is bearish in outlook. Isn’t it strange that some JPY pairs are bearish while some are bullish? In recent weeks, volatility, turbulence, struggle between buyers and sellers, plus indecision in prices, have taken over the markets. There is now no long-term directional movement on the JPY pairs. But as it is mentioned earlier, the EURJPY cross is bearish.
Performed by Azeez Mustapha,
InstaForex Companies Group