EUR/USD: This pair has rather traded sideways so far
this week consolidating in the near term. One thing that causes the
current bearish journey is the fact that the price is close to the
psychological level at 1.1000, and it needs exceptional bearish stamina to
breach it to the downside. The major bias is bearish and when momentum returns
to the market, it would most probably favor bears.
USD/CHF: The USD/CHF pair has assumed its upward journey, which started last week. The price is now above the support level at 0.9850, going towards the resistance level of 0.9900. That resistance level is the second target for this week, and the target could be attained easily in the face of ongoing buying pressure in the market.
GBP/USD: The market remains weak though it is yet
to experience a significant downward trend just like the EUR/USD pair. There is a
Bearish Confirmation Pattern in the chart. The EMA 11 is below the EMA 56 and
the RSI period 14 is below the level of 50. Further movement to the south is
therefore logically anticipated.
USD/JPY: The USD/JPY pair, which
traded strongly northwards last week, has been corrected lower so far. The price has come down by 110 pips this week, but the bias is still
bullish. The bullish bias would remain valid as long as the demand level at
119.50 is not breached to the downside.
EUR/JPY: This cross has continued
its bearish journey in a determined manner. The price is now slightly below the
supply zone of 113.00; and the bearish bias is supposed to continue, owing to
the current weakness in the EUR and stamina in the JPY. For this bias to be
reversed, the EUR would need to become stronger than the JPY, which might not
be possible this week.
The material has been provided by InstaForex Company – www.instaforex.com