EUR/USD: It is better to stay away from this market until a strong directional movement appears. There is a support line at 1.1300 and a resistance line at 1.1450. It is either that support line is breached to the downside or the resistance line is breached to the upside. The latter scenario is more likely and as a result of this, the resistance line at 1.1500 may be reached eventually.
USD/CHF: The USD/CHF pair has been in a bullish trend for a short term. The upward movement has been slow and steady while the price remains volatile as a result of a frequent challenge from bears. The possibility of large or shallow pullbacks is now high, which may occur this week or next week.
GBP/USD: The Cable is currently strong and the best way to approach it is to buy on dips. The price is above the accumulation territory at 1.5350 and below the distribution territory at 1.5400. Since it is assumed that the Cable would keep going up according to the recent bullish outlook, the price could later trade above the distribution territory at 1.5400, going towards another distribution territory at 1.5450.
USD/JPY: From around the supply level at 120.50, this currency trading instrument dived by 200 pips, going below the supply level at 118.50. This has made long trades illogical and a touch of the demand level at 118.00 would result in Bearish Confirmation Pattern.
EUR/JPY: The recent weakness in the EUR and strength in the JPY has enabled this cross to go below the supply zone at 135.00. This is now a weak market.
The material has been provided by InstaForex Company - www.instaforex.com