What has happened on this cross has already caused what could be called the beginning of a Bullish Confirmation Pattern in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. This could be a start of a serious bearish journey, owing to a possibility of a serious tamina in the yen
This is a bearish market, but further southward movement has been rejected at the support line of 1.0850. The support line is a great obstacle to further southward movement, but it needs to be broken to the downside so that the bearish trend could continue.
The USD/CHF has moved upwards by 150 pips this week. The price now hovers around the resistance level at 0.9800 - which must be broken to the upside for the bullish trend to continue. Should the price fail to break the resistance level to the upside, it may be forced to test the support levels at 0.9750 and 0.9700.
TThe GBP/USD pair is currently in a kind of equilibrium phase. For the past several trading days, the market has been volatile, but there is no clear direction. A breakout is likely to take place soon because of some fundamental figures which are due today. This data would have a huge impact on the cable. The price would go either above the distribution territory at 1.5700 or below the accumulation territory at 1.5500. A break above the aforementioned distribution territory will result in a Bullish Confirmation Pattern, while a break below the accumulation territory at 1.5500 would result in a Bearish Confirmation Pattern.
There has been a bullish breakout on this currency trading instrument. The supply level at 125.00 has been tested and it could be tested again. The supply level could also be breached to the upside while the supply level at 125.50 could be reached today.
We advise to stay away from this market. The EMA 11 is below the EMA 56 but the RSI period 14 is above the level of 50. These are mixed signals, butwe expact a strong directional movement today or tomorrow
The EUR/USD pair is very volatile right now, but the market remain bearish. Unless the resistance line at 1.1000 is broken to the upside, the bearish outlook would be valid. The price may drop again, testing the support line at 1.0850. The support level has been tested this week; and it would need to be broken to the downside so that the bearish trend might continue.
Among the majors, USD/CHF is one of few currency trading instruments which move in a predictable manner this week. The price rose vividly and almost tested the resistance level at 0.9850. This is a movement of roughly 200 pip, and the price is likely to break the resistance level to the upside this week or next week
This pair consolidated to the downside on Thursday, generating a 'sell' signal in the market. The 'sell' signal would become stronger once the accumulation territory at 1.5450 is tested. According to the ongoing price actions in the market, it is not logical to seek long trades now, because there is a bearish indication in the market.
