EUR/USD: This
pair is now volatile but with choppy price movements. Bulls made some
noticeable attempts to push the price forward last week; nevertheless the price would
not become really bullish unless it goes above the resistance line at 1.4000,
which would require serious buying pressure. Really, the bias on the pair is
bearish for this week – further southward movement could be seen.
USD/CHF: The USD/CHF moved
essentially sideways last week, in the context of a downtrend. There is a
Bearish Confirmation Pattern in the market, and unless there is a serious
weakness in the EUR/USD, (which could help the USD/CHF stage a meaningful
rally), further bearish movement would be witnessed, when momentum returns to
the market.
GBP/USD: This pair is bearish in
mode, though the price made an attempt to go upwards by 300 pips on Thursday and Friday.
There is a need for the price to go upwards by another 300 pips before its mode can
turn bullish. Throughout Thursday, June 23, the GBP/USD (and most other GBP pairs)
will go in one direction with little or no reversal, but there would be nothing
graver than normal. The outlook on the pair is bearish, and further southward
movement could possibly be witnessed this week.
USD/JPY: This currency trading
instrument declined by 300 pips last week and later moved sideways in the last
two days of the week. There is going to be a breakout this week, which would
most probably favor bears, since the outlook on JPY pairs remains bearish. The
demand levels at 104.00 and 103.00 would be reached.
EUR/JPY: As it was anticipated,
the EUR/JPY dropped by 460 pips last week, reaching a low of 115.49 and a high of
120.31. The upward attempt that was seen later last week could offer an
opportunity to sell short at better prices, because the market might test the
demand zones at 117.00, 116.00 and 115.00. The demand zones at 117.00 and
116.00 were tested last week, and they could be re-tested this week.
The material has been provided by InstaForex Company – www.instaforex.com
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