EUR/USD: The outlook for this pair is still bullish and in spite of the present shallow bearish retracement, it is assumed that the price may rally anytime soon (not going below the support lines at 1.0900 and 1.0850). The resistance line at 1.1000 may be tested; it may even be breached to the upside.
USD/CHF: Since March 12, 2015, the USD/CHF pair has dropped by over 500 pips, resulting in a clean Bearish Confirmation Pattern in the 4- hour chart. The support levels at 0.9500 and 0.9450 are the next targets for bears. Unless USD gains a measure of stamina, those support levels would be breached to the downside.
GBP/USD: Unlike its EUR/USD counterpart, the cable is having some difficulties going upward. In fact, long trades are no longer recommended here, unless the distribution territories around 1.5000 and 1.5050 are overcome. Meanwhile, there is a great possibility that the accumulation territories at 1.4800 and 1.4750 would be tested.
USD/JPY: This is a bear market, in spite of the probable bullish expectation on the currency trading instrument. For the bias to turn bullish, the price would need to settle above the EMA 56 and the RSI period 14 would also need to settle above the level of 50. Otherwise, buyers should stay off.
EUR/JPY: The price on this cross did not make a significant bullish movement yesterday. The market is in a short-term equilibrium zone, but there might soon be a breakout to the upside. The supply levels at 131.50 and 132.00 are being watched now.
The material has been provided by InstaForex Company - www.instaforex.com
