InstaForex - Analytics


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Daily analysis of major pairs for June 23, 2015

EUR/USD: In spite of the uncertainties about EUR/USD, a bullish outlook is still in play. It may not be difficult for the price to test the resistance line at 1.1450 (that resistance line could even be breached to the upside); plus the support line at 1.1250 should do a good job.


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USD/CHF: This is a bearish market and the recent price action has been volatile. The support level at 0.9150 is an obstacle to bears now, but once it is breached to the downside, the next target would be the support line at 0.9100. A failure to break the support line at 0.9150 could portend a beginning of the bull's hegemony.


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GBP/USD: There was a slight drop in the cable on Monday. However, the slight drop is far from invalidating the existing Bullish Confirmation Pattern in the chart. There is a distribution territory at 1.5950 and an accumulation territory at 1.5750.


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USD/JPY: USD/JPY went slightly upwards on Monday, though the market is weak. Unless the supply level at 124.50 is breached to the upside, this would be seen as an opportunity to sell. The demand levels at 122.50 and 122.00 could be breached to the downside with further selling pressure.


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EUR/JPY: Although the outlook is bullish, the condition is not stable. This week would determine whether the price would continue going up or down: depending largely on whatever happens to EUR. Right now, the market is slightly bullish.


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