outlook on this remains unchanged as there is not yet a clean directional movement.
There is a support line at 1.1300 and a resistance line at 1.1450. It is either
the price breaks the resistance line at 1.1450 to the upside or it breaks the
support line at 1.1300 to the downside.
USD/CHF pair moved upwards by 200 pips last week, topping at the resistance level of
0.9500. That resistance level was slashed upwards, but the price could not stay
above it, as the price dived by 130 pips, closing below the resistance level
at 0.9400. Another close below the support level at 0.9300 is possible this
GBP/USD: In this
market, the distribution territory at 1.5450 has already been challenged again
and again. While the price may go as far as another distribution territory at
1.5500, it is more likely that the GBP may see limited bullish movement this
week. A pullback is possible anytime this week.
USD/JPY: The equilibrium phase of the USD/JPY pair has not
ended, for the price has thus consolidated as a rise in momentum is
awaited. A break to the upside is more
likely this week or next week.
EUR/JPY: This market is currently in an equilibrium
phase and it would be OK to wait until there is a break below the demand zone
at 134.00 or a break above the supply zone at 136.50. The latter action is more
likely, because bulls are ready to fight against any southward plunge in
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