This currency trading instrument moved above the demand level at 123.50, threatening to slash above the supply level at 124.00. Should this happen, the next target would be at 124.50. However, a failure to do that could result in a smooth southward dive making the price reach demand levels.
There is a Bearish Confirmation Pattern in this market: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. With further weakness in EUR, the demand zones between 137.50 and 136.50 could be overcome. This could happen this week or the next one.
The market is bearish in the near term, though the movement is developing some equilibrium propensity.The price is likely to go further south. Any rallies here would proffer new short-selling opportunities.
There is a bullish signal on the USD/CHF chart and it would be valid as long as the support level at 0.9250 is not breached to the downside. Unless that happens, any short-term bearish corrections would be seen as an opportunity to buy long in this market. The current dip may be a potential opportunity to buy
This market has gone down by 200 pips this week causing a morbid threat to the recent bullish outlook. It is not logical to go long in this market unless the distribution territory at 1.5800 is crossed to the upside. Any movement below the accumulation territory at 1.5600 would result in a clean Bearish Confirmation Pattern (especially as the market goes further downwards). By then, the EMA 11 would cross the EMA 56 to the downside. The RSI period 14 is already below the level of 50.
This currency trading instrument moved above the demand level at 123.50 threatening to slash above the supply level of 124.00. In case this happen, the next target would be the supply level at 124.50. However, a failure to do that could result in a smooth southward dive, making the price reach few demand levels.
There is a vivid weakness in this market � it could go further downwards. However, whatever happens to the EUR would determine the fate of the EUR/JPY. So, weak EUR would mean a persistent bearish trend here.
This market is bearish in the near term, though the movement is developing some equilibrium propensity. The price is likely to go further south. The support line at 1.1150 was tested and it could be breached to the downside.
There is a bullish signal on the USD/CHF chart and it would be valid as long as the support level at 0.9250 is not breached to the downside. The resistance level at 0.9400 has been tested and it could be tested again. It could even be breached to the upside.
On the cable, a current short-term rally might proffer another short-selling opportunity. Any movement below the accumulation territory at 1.5600 would result in a clean Bearish Confirmation Pattern (especially as the market goes further downwards). By then, the EMA 11 would have crossed the EMA 56 to the downside, and the crossing is almost taking place. The RSI period 14 is already below the level of 50. This expectation may be overturned in case the distribution territory at 1.5850 is crossed to the upside.
