empty
 
 
08.07.2014 03:16 AM
Daily analysis of major pairs for July 8, 2014

EUR/USD: The signal on this pair is bearish, but it can be seen that the price is trying to bounce upwards. This is a normal rally in the context of a downtrend, after which the price should dive again, possibly reaching the support line at 1.3550. Meanwhile, this rally should not take the price above the resistance line at 1.3650, so that current bearish signal would be valid.

This image is no longer relevant

USD/CHF: The USD/CHF has gone downwards a little after testing the resistance level at 0.8950. The downward movement should be reflected at the support level of 0.8900, so that the bullish momentum would continue to be valid. The price could go upwards again and retest the resistance level at 0.8950. It may break it to the upside, but it is very unlikely that it would go above the great resistance level at 0.9000.

This image is no longer relevant

GBP/USD: The GBP/USD pair still shows the determination to go further upwards. It would re-test the distribution territory at 1.7150, and possibly break it to the upside. The Bullish Confirmation Pattern shows that the price has a very high possibility of going upwards. It may reach the distribution territory at 1.7200.

This image is no longer relevant

USD/JPY: After forming a bullish signal, this currency trading instrument has experienced a bearish correction which is strong enough to challenge the existing bullish signal. A movement below the demand level at 101.50 could mean the end of the bullish signal.

This image is no longer relevant

EUR/JPY: This market is not yet attractive for swing trading (though it looks great for intraday traders and scalpers). For swing trading, one may wait until the current bearish bias is confirmed or the previous bullish bias is restored.

This image is no longer relevant
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback