Friday 24 January 2014

Daily analysis of major pairs for January 24, 2014 Trend News

EUR/USD: It was mentioned yesterday that the GBP/USD and the EUR/USD would soon go into a positive correlation. Based on what is happening now, the former has gained strength as well as the latter. The EUR/USD is currently testing the resistance line at 1.3700, and it could break it to the upside.


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USD/CHF: As a result of the gain of stamina of the EUR/USD, this pair has plunged seriously, heading to a Bearish Confirmation Pattern in the chart. The USD is weak and this is visible on other pairs that have it as their base currency or counter currency. The price would now be going towards the support level at 0.8950.


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GBP/GBP/USD: This has always been a bull market in this week. The price has gone upwards by over 200 pips. The GBP is strong and this is visible on other pairs/crosses that have it as their base currency or counter currency (like GBPAUD and GBPJPY). The next distribution territory is to be reached at 1.6650. 3.pngUSD/JPY: It has always been noted that the recent bullish attempts in the market would be limited. The price plummeted significantly and later bounced off the demand level at103.00. The upward bounce is a temporary rally for the price going to test the aforementioned demand level again. 4.pngEUR/JPY: This market remains in the equilibrium zone as a result of the strength of the Euro and that of the Yen. Should one be stronger than the other, a serious directional move would have been noted in the chart. However, it seems that the price may break out to the downside. 5.pngThe material has been provided by InstaForex Company - www.instaforex.com



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