EUR/USD: This
pair trended south by 270 pips last week. Since November 9, 2016, it has come
down by 700 pips. Further downwards movement is possible this week, provided
that the USD does not showcase any signs of strength.
USD/CHF: The USD/CHF pair managed to climb above the great psychological level at 1.0000 last week, and is now testing the resistance level at 1.0100. Price may be able to target the resistance level at 1.0200 this week, but any signs of weakness in the USD may send the pair plunging below the psychological level at 1.0000.
GBP/USD: This pair moved
downwards throughout last week, losing another 230 pips. The bias has become
bearish in the short and long terms. And the accumulation territories at
1.2250, 1.2200 and 1.2150 might be reached this week. This market is currently
not ideal for long trades. Rather, rallies should be seen as opportunities to
go short.
USD/JPY: The USD/JPY pair went
upwards by over 400 pips last week. Since November 9, price has gone upwards
from the low of that day. There is a huge Bullish Confirmation Pattern in the
market, and further northwards journey is anticipated. Just as it was
forecasted and true of last week, the outlook on JPY pairs remains bullish for
this week. The trending movement on USD/JPY is the strongest in recent
months.
EUR/JPY: This
cross also managed to go upwards last week, largely owing to the weakness in
the Yen. The supply zone at 117.50 has
been tested and it would be breached to the upside this week, as bulls target
the supply zones at 118.00 and 118.50. Because of the weakness in the Yen, even
weak currencies like GBP and EUR were able to rally versus it. In case a
currency was strong in its own right, just like the case of the USD, we would witness
a very strong bullish movement, as we have already done.
The material has been provided by InstaForex Company – www.instaforex.com
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