There is no dominant trend in the market, but it is expected that the price would either go above the supply level at 125.50 or below the demand level at 123.50 when a breakout occurs (following the current sideways movement). Should this happen, that would mean a strong bullish or bearish outlook.
This cross has continued its weakness, but the Bullish Confirmation Pattern is not totally invalid. It would be OK to stay away from this market - the EMA 11 is not below the EMA 56 and the RSI period 14 is not below the level 50. There are mixed signals.
Needless to say, the EUR/USD pair went upwards, just the opposite of what happened to the USD/CHF pair. The renewed bullish effort in the market has led to "buy" signal. Thus, bulls could target the resistance lines at 1.1150 and 1.1200.
After several days of equilibrium movement, the USD/CHF pair broke out southward. This has resulted in a Bearish Confirmation Pattern and the price, having gone down by 100 pips, has tested the support level at 0.9650. The next target for bears might be the support level at 0.9600.
In spite of stubborn resistance from bears, the cable continues to show its bullish determination. Since the price has been able to stay above the accumulation territory at 1.5650, bulls have been attacking the distribution territory at 1.5700. With further bullish pressure, the distribution territory could be breached to the upside and the price could stay above it.
There is now a bearish outlook on the market since the price broke below the EMA 56. The RSI period 14 is also below the level 50. A test of the demand level at 123.50 would confirm bears' seriousness. In addition to this, some fundamental figures are expected today and they could have some impact on the USD.
It would still be preferable to stay away from this market. The price trended downwards on Monday and Tuesday, but the bullish effort on Wednesday has caused mixed signals on the chart. Had the price trended downwards also on Wednesday, there could have been a predictable bearish journey. Now, there is a need to wait and see what would happen next.
This currency trading instrument is now one of the strongest among the majors. From around the support line at 1.1050, the price skyrocketed by more than 320 pips, closing at 1.1384. The resistance line at 1.1400 is an easy target for bulls this week. Even it would be breached to the upside
The USD/CHF pair has yielded to gravity, diving by 300 pips. There are resistance levels at 0.9550 and 0.9600, which should do a good job in halting bullish attempts this week. There are also support levels at 0.9450 and 0.9400, which would be targeted by bears. Since the USD is weak and the CHF is very strong, it is reasonable to conclude that the current bearish movement may continue for a while.
This is a good example of cut-throat battles between the bull and the bear. This pair ought to go upwards in a positive correlation mode with EUR/USD: it has gone above the tough accumulation territory at 1.5650. There is a fresh battle in the distribution territory of 1.5700, but bulls should be victorious, though it is not an easy thing.
