EUR/USD: This pair
moved upwards by 150 pips on Monday, hitting the resistance line at 1.0950
before a shallow pullback. The resistance line would be overcome
soon as the market targets another resistance line at 1.1000, which may also be
breached easily as the market continues to be strong.
USD/CHF: As it was expected, the USD/CHF pair continues to go further downwards, as opposed to the bullish movement in the EUR/USD pair. Now, we are watching the support levels at 0.9600 and 0.9550, which may be attained this week as long as this pair is weak.
GBP/USD: The bullish movement on the cable is shallow compared with the EUR/USD pair.
Although, there is a great threat to the recent Bearish Confirmation Pattern in
the market. It is not going to be invalidated until the price crosses the
distribution territories at 1.5000 and 1.5050 to the upside.
market has continued to show more and more weakness; slowly and gradually. The
demand levels at 119.50 and 119.00 may be tested soon but they may do a good
job in halting further bearish development. The outlook for this pair is bullish
for this week. The price could rally anytime, provided that it is still
above the aforementioned demand levels. Should they breach the demand levels to
the downside, the bullish expectation could be rendered illogical.
EUR/JPY: This currency
trading instrument has been able to hold onto its bullishness, owing to the
recent strength in the euro. This perpetual bullishness, which has been taking
place since last week, has succeeded in affecting a clean bullish outlook on
the market. This may just be the beginning of a serious bullish journey.
The material has been provided by InstaForex Company – www.instaforex.com