Some form of weakness is perceived on this currency trading instrument. And since it tends to go into an opposite direction of the USD/CHF, the currency trading instrument would be weak as long as the USD/CHF is strong. More bearish movement of at least 100 pips is possible within the next few days.
It is good that the USD/CHF went upwards in a predictable manner yesterday. The new "buy" signal that was seen last week has now resulted in a Bullish Confirmation Pattern in the market. By all indication, price is supposed to continue moving further north, with the possibility of it reaching the resistance level at 1.0100. The price has gone above the great support level at 1.0000 already.
The Cable performed some near-term upswings and downswings on Monday, while the trend in the market remains bearish. There is a high probability that the price would still go further south. The accumulation territories at 1.4650 and 1.4600 are the potential targets for this week.
This pair experienced some form of weakness on Monday, just as most JPY pairs experienced weakness on the same day. The bias on the pair is bearish, and thus, further weakness is expected in the market, which might make the price go below the demand level at 119.00, which was tried before the current upward bounce (that could be transitory).
The EUR/JPY went further south on Monday. The market is now moving in a directional manner, and since the bearish bias started last week, price has dropped by 300 pips. Price is now under the supply zone at 129.50, with the possibility of reaching the demand zone at 128.50.
Technical analysis of NZD/USD for January 11, 2016 2016-01-11 0/5
NZD/USD is in the downtrend. The pair has broken below its key level at 0.6590. The previous support should now play a strong resistance, which is likely to limit any upward attempts. Furthermore, both the 20-period and 50-period moving averages are turning down, confirming a negative outlook. The relative strength index has broken down its 30 level. In these perspectives, as long as 0.6610 holds on the upside, look for a new pullback to 0.6490 and 0.6445 in extension. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6490. A break of that target will move the pair further downwards to 0.6445. The pivot point stands at 0.6590. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6610 and the second target at 0.6645. Resistance levels: 0.6610, 0.6645, 0.6670 Support levels: 0.6490, 0.6445, 0.64
