Weekly Trading Forecasts On Major Pairs (July 7 - 11, 2014)

[⭐ analyst75]

Here’s the market outlook for the week:

EURUSD

Dominant bias: Bearish

The recent bias on this pair was bullish, but everything has now gone bearish. It is no longer sensible to seek long trades on this pair because it has failed to break the resistance line at 1.3700 to the upside. In addition, the price has dived by almost 100 pips, trading below the resistance line at 1.3650. The support line at 1.3600 is currently being tested and there is a high probability that it could easily be breached to the downside. Should this become possible, the price may go further downwards to the support line at 1.3550.

USDCHF

Dominant bias: Bearish

It should be noted that, although the dominant bias on this currency trading instrument is bearish, the price has been making serious bullish attempts. The bullish attempts are so strong that they threaten the bearish bias. For the bearish bias not to become completely invalid, the rally would need to be rejected at the resistance level of 0.8950. Any movement above that resistance level would render the bearish bias completely invalid, since things would have turned seriously bullish by then. However, it is not likely that the price would be able to cross the great resistance level at 0.9000 to the upside in the long run.

GBPUSD

Dominant bias: Bullish

This market has been able to remain bullish, breaking one distribution territory after the other. The price territory at 1.7150 was breached to the upside after much struggle and hesitation which lasted for a few days. The price is now poised to move further upwards, and it may reach another distribution territory at 1.7200 next week.

USDJPY

Dominant bias: Bullish

The USD/JPY is bullish, although there is now some southward correction in the market. The southward correction cannot render the bullish outlook useless, as long as it does not take the price below the demand level at 101.50. Any movement below the aforementioned demand level would result in clean bearish outlook.

EURJPY

Dominant bias: Bullish

The condition on this cross is very delicate, and one may do well to stay out of the market until there is a convincing directional movement. The price is bullish but the sudden weakness in the EUR makes it illogical to seek long trades at the present. The possibility of the price testing the demand zone at 138.50 cannot be ruled out.

This forecast is concluded with the quote below:

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