EUR/USD: The EUR/USD pair is currently in the bear market – in spite of the current rally in the market. The rally is still shallow enough to pale into insignificance when compared to the extant bearish outlook. Unless the price crosses the resistance line at 1.2600 to the upside, it would be assumed that price will fall from here.
USD/CHF: This is a bull market, despite the bearish retracement that is currently happening in the market. Unless the price breaks the support level at 0.9550 to the downside, it would be expected that the pair would rise again, reaching the resistance level at 0.9650, which has already been tested many times this week. The ultimate target remains at the resistance level of 0.9700.
GBP/USD: The GBP/USD pair is weak in a positive correlation to its EUR/USD counterpart. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50, which means that there is a Bearish Confirmation Pattern in the market. The price could test the accumulation territory at 1.5950 again, even breaching it to the downside.
USD/JPY: This currency trading instrument continues its upwards journey. The price is currently moving towards the supply level at 114.50.
EUR/JPY: The continuous upwards strength in the EUR/JPY pair comes as a result of a very strong weakness in the JPY. From the demand zone at 135.50, the cross has moved upwards by roughly 800 pips, almost reaching the supply zone at 143.50. This supply zone at 143.50 has now become an easy target for the bulls, for it would be breached to the upside as the bulls aim for another supply level at 144.00.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of major pairs for November 5, 2014 . Thanks for your support.
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