EUR/USD pair has nearly forfeited all the bullish gains it got last week. The
current near-term weakness in the market has put the extant bullish bias in
jeopardy. There is a good possibility that things will go completely bearish if the price goes below the support lines at 1.0750 and 1.0700.
USD/CHF: This currency trading instrument continues to make its efforts to go upwards with some visible results. A movement above
the resistance levels at 0.9800 and 0.9850 would mean the end of the current
bearish bias and the beginning of a good bullish bias.
GBP/USD: The cable moved only sideways throughout last week, but the price started
consolidating to the downside trying the accumulation territory at 1.4800.
Currently, a long trade does not look as the best thing for this market, unless
the price reaches the distribution territory around 1.5050, which seems a far
bullish effort is paying off. The price has gone above the
demand level at 120.00. Now, there is a Bullish Confirmation
Pattern in the market. The next targets for bulls are located at the supply
levels at 120.50 and 121.00. Those are the target for this week, because the
bullish expectations are strong.
EUR/JPY: We would recommend to stay away from this cross until there is a vivid
trending movement. The current situation on the market is a kind of dicey and
one would need to wait to see where the coming momentum will take the price.
Nevertheless, a movement to the upside is very likely.
The material has been provided by InstaForex Company – www.instaforex.com