Here is the forecast for July 7- 11.
Source: thegeekknows.com
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.
Read the full article here...
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.
Read the full article here...
happy trading,
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