empty
 
 
11.07.2012 05:23 PM
Fundamental Analysis, for July 11, 2012

EUR/USD: This pair was forced to break out to the downside, owing to the bullish direction of the USD/CHFpair. The price is now below the resistance line at 1.0900, and it may reach support lines at 1.0850 and 1.0800 today or this week. The resistance line at 1.0900 is now an obstacle to any rallies on the market.

This image is no longer relevant

USD/CHF: As it was expected, the USD/CHF pair was able to go above the recalcitrant support level at 0.9700 (which was formerly a resistance level). The price is now above the support level of 0.9750, going towards the resistance level at 0.9800. This is the target for today.

This image is no longer relevant

GBP/USD: The volatility is currently high on the cable without bulls or bears gaining upper hands. The price will either break above the distribution territory at 1.5650 or break below the accumulation territory at 1.5550. A breakout to the downside is most likely to take place.

This image is no longer relevant

USD/JPY: Because of the US dollar's stamina, this currency trading instrument went higher on Tuesday. This has resulted in a "buy" signal on the market, and the supply level at 124.50 could be tested easily. In case this happens, the price could target another resistance level at 125.00. This outlook, however, does not rule out the possibility of a bearish action.

This image is no longer relevant

EUR/JPY: What has happened on this cross has already caused what could be called the beginning of a Bullish Confirmation Pattern in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. This could be a start of a serious bearish journey, owing to a possibility of a serious tamina in the yen.

This image is no longer relevant

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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