EUR/USD: On Monday, this pair made some heartwarming
bullish effort, which is also observed in most other EUR pairs. The bullish
effort that happened on Monday was not serious enough to override the extant
bearish bias in the market. Nevertheless, any movement above the resistance
line at 1.1300 would jeopardize the existing bearish outlook.
USD/CHF: The USD/CHF pair performed a large pullback yesterday, but that was not enough to override the extant bullish outlook. Only a movement below the support level of 0.9650 could render the bullish outlook invalid; and for that to happen, a significant rally in the EUR/USD pair is needed.
GBP/USD: The GBP/USD pair consolidated on Monday. There is a
clear Bearish Confirmation Pattern in the market and the price could still
continue its journey by at least 200 pips down this week. The
accumulation territories at 1.5100 and 1.5000 are potential targets for bears.
USD/JPY: This is a strong equilibrium market in which
there is no clear uptrend or downtrend. It is better for swing and position
traders to stay away from the market until there is a reliable breakout from
the strong equilibrium phase; and this would require at least, a movement of
200 pips upwards or downwards. The market is OK right now for scalpers and
EUR/JPY: The outlook for EUR/JPY is bearish, though bulls are making a serious attempt to push it
upwards. There is a need to move further upwards by at least 250
pips before the bearish outlook can become illogical. Until that happens,
this is a bearish market.
The material has been provided by InstaForex Company – www.instaforex.com