EUR/USD: The
EUR/USD pair made a faint bearish start this week, and later started trending
upwards. Price has moved upwards by over 200 pips, and this has resulted in a
new bullish bias in the market. Thus the market is supposed to be going upwards
this week, reaching the resistance lines at 1.0800, 1.0850 and 1.0900 this week.
USD/CHF: A bearish signal has
appeared on the USD/CHF pair. Price is likely to continue going
further downwards. A more southerly movement may result in price reaching the
support levels at 1.0050 and 1.0000. However, it would be difficult for price
to break the support level at 1.0000 to the downside.
GBP/USD: This is a bullish as
well as a volatile market. Price began a bullish movement last week and it has
gone north by 300 pips since then, and now targeting the distribution territory
at 1.2750. That distribution territory is supposed to be breached to the upside
soon, as price goes further and further upwards.
USD/JPY: This pair consolidated
yesterday in the context of an uptrend. There is a Bullish Confirmation
Pattern in the market and a rise in momentum should end up favoring the extant
bullish outlook. The outlook is also bullish for this week. The supply
levels at 114.50, 115.00 and 115.50 remain the bullish targets for the week.
EUR/JPY: The
EUR/JPY pair went south in the first few hours of this trading week. Price quickly
recovered and went upwards 350 pips from a daily low of 119.50 (Monday). The action has put more emphasis on the
recent bullish bias. The resistance line at 123.00 has been tested, and it
would be tested again.
The material has been provided by InstaForex Company – www.instaforex.com
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