InstaForex - Analytics

    InstaForex

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    Daily analysis of major pairs for July 23, 2015

    EUR/USD: The currency pair faced resistance at the level of 1.0950. There is a stromg possibility that the price could fall lower reaching the support line at 1.0850. An ultimate target is seen at the support line of 1.0800, and unless USD loses its strength in, it would be attained. Moreover, fundamental data is due today and it can have a significant impact on the market.

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    USD/CHF: As we had expected, the USD/CHF failed to resume its northward journey. The price is above the support level at 0.9600 now, and it could continue going further north, reaching the resistance level at 0.9650.

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    GBP/USD: the cable is moving in a clean bullish bias despite the current market consolidation. Bulls are still making attempts to drive the price further upwards. A break above the distribution territory at 1.5650 would result in a stronger Bullish Confirmation Pattern in the chart; since the distribution territory has been a major impediment to bulls' interests (the price was unable to break it upwards last week).

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    USD/JPY: yesterday's drop in the price proved to be temporary. It was a wonderful opportunity to buy long in this market. The supply level at 124.50 might thus be reached in no time.

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    EUR/JPY: On the 4-hour chart, the EMA 11 is below the EMA 56, but the RSI period 14 is above the level of 50. It is therefore better to stay away from this market until there is a clear signal.

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