Daily analysis of major pairs for June 17, 2014
June 17, 2014 5:35 amVideo
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EUR/USD: This currency pair is weak, but there is now a
rally attempt on it. At this juncture, it must be mentioned that any surge of
energy in Euro is supposed to be short-lived because the long-term bias on Euro
is bearish. However, the short-term surge may be serious enough to bring some
gains to the bulls that look forward to a limited rally.
USD/CHF: The
USD/CHF has been unable to close above the resistance level at0.9000 (which is a must for the bullish
trend to continue). Right now, there is a hollow pullback in the price. The
pullback could be contained at the support level of 0.8950. Any movement below
the support level may mean an end to the current bullish outlook.
GBP/USD: The Cable has successfully tested the
distribution territory at 1.7000. There has been a hollow bearish retracement
after this, but the price would go back to test that distribution territory
with a possibility of breaking it to the upside. Should this happen, the price
may close above the territory, going further towards another distribution
territory at 1.7050.
USD/JPY: This currency trading instrument has gone
bearish since last week – and that stance is still valid. This is because there
is a clean Bearish Confirmation Pattern in the chart, and any bullish attempt may
be a trap for the unwary buyer. Meanwhile, the price is supposed to test the
demand level at 101.50 very soon.
EUR/JPY: The cross is showing some volatility on it. The
volatile movement is trying to culminate in favor of the bulls. This favorable
movement to the bulls would be challenged at the supply zone at 138.50; which is
a zone from which the price may fall again.
The material has been provided by InstaForex Company – www.instaforex.com
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