EUR/USD: There
has been a bearish signal on the EUR/USD pair. The outlook on the market, as well as
other EUR pairs, is bearish for this week. Therefore, we may witness a slow and
steady bearish movement that would take price towards the support lines at
1.0850 and 1.0800 this week.
USD/CHF: This market went flat
on Monday, although in the context of an uptrend. A breakout is supposed to
start today or tomorrow, which would favor bulls, plus the next targets for
them are located at the resistance levels at 0.9950 and 1.0000. However, it is
very much unlikely that the resistance level at 1.0000 would be beached to the
upside. That is a great psychological level.
GBP/USD: This currency trading
instrument is still consolidating. This is best called a consolidation in the
context of a downtrend. The outlook on GBP pairs is bullish for this week, but
the bullish movement of GBP/USD might not be significant enough to threaten
the ongoing major bullish bias.
USD/JPY: The bullish signal on USD/JPY remains valid. Bulls are still willing to push price further
northwards. So, the supply levels at 104.50, 105.00 and 105.50 might be
tested today or tomorrow.
EUR/JPY: This
cross made a bullish attempt last week, however, in the context of a downtrend.
The downtrend would hold out till the supply zone at 115.50 is breached to the
upside (a condition that would lead to the end of the short-term bearish bias).
Normally, further weakness in the EUR could cause the demand zone at 113.00 to
be tested again.
The material has been provided by InstaForex Company – www.instaforex.com
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