Daily analysis of major pairs for January 27, 2014
January 27, 2014 5:15 am
EUR/USD: This pair was able to shrug off further bearish threats on it, as it went into a positive correlation with the Cable. There is now a Bullish Confirmation Pattern in the chart, and the price would break the resistance line at 1.3700 this week, while going further towards the resistance line at 1.3750.
USD/CHF: This pair was able to shrug off further bullish attempts on it, as it went into a negative correlation with the EUR/USD. There is now a Bearish Confirmation Pattern in the chart, and the price would break the resistance line at 0.8900 this week, while going further towards the resistance line at 0.8850.
GBP/USD: The Cable topped 1.6650 and later plummeted by about 160 pips. The RSI has crossed the level 50 to the downside, but the EMAs are yet to validate that. Only a movement below the accumulation territory of 1.6400 would render the current bullish bias invalid. Without that, it is believed that the price could rise from here.
USD/JPY: Caution had always been expressed about the limitation of the recent bullish signal in this market. Things have now suddenly gone bearish, and the indicators in the chart have confirmed this. From the supply level at 104.50, the price dropped by more than 200 pips; and it may continue going down this week.
EUR/JPY: Last week was very interesting in the markets because there were significant reversals. For example, the EUR/JPY, which has long been in an equilibrium zone, was able to break out in the direction of the bears. The new biases would continue to be valid for this week.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD: This pair was able to shrug off further
bearish threats on it, as it went into a positive correlation with the Cable.
There is now a Bullish Confirmation Pattern in the chart, and the price would
break the resistance line at 1.3700 this week, while going further towards the
resistance line at 1.3750.
USD/CHF: This pair was able to shrug off further
bullish attempts on it, as it went into a negative correlation with the EUR/USD.
There is now a Bearish Confirmation Pattern in the chart, and the price would
break the resistance line at 0.8900 this week, while going further towards the
resistance line at 0.8850.
GBP/USD: The Cable topped 1.6650 and later plummeted
by about 160 pips. The RSI has crossed the level 50 to the downside, but the
EMAs are yet to validate that. Only a movement below the accumulation territory
of 1.6400 would render the current bullish bias invalid. Without that, it is
believed that the price could rise from here.
USD/JPY: Caution
had always been expressed about the limitation of the recent bullish signal in
this market. Things have now suddenly gone bearish, and the indicators in the
chart have confirmed this. From the supply level at 104.50, the price dropped
by more than 200 pips; and it may continue going down this week.
EUR/JPY: Last
week was very interesting in the markets because there were significant
reversals. For example, the EUR/JPY, which has long been in an equilibrium
zone, was able to break out in the direction of the bears. The new biases would
continue to be valid for this week.
Related Posts: