EUR/USD: This market was simply volatile yesterday, without going upwards or downwards. The general outlook remains bearish and it is expected that the market would continue trading downwards, reaching the support lines at 1.0500 and 1.0450.
USD/CHF: The USD/CHF was indecisive for most part of Monday. Today or tomorrow, there ought to be a continuation of a bullish journey, taking the price towards the resistance levels at 0.9850 and 0.9900. The resistance level at 0.09850 has been tested this week, and it could be retested again.
GBP/USD: The cable made some attempt to rally on Monday, all in the context of downtrend. The dominant bias is bearish and it assumes that the present rally proffers a wonderful opportunity to go short at a better price. The only thing that can render this assumption invalid is an event that causes the cable to go above the distribution territory at 1.4850.
USD/JPY: The price action on this currency trading instrument testifies to the desperate struggle between bulls and bears. Until the price closes below the demand level at 119.00, it cannot be said that bears gain the upper hand. The bias remains bullish as long as the price is above the aforementioned demand level.
EUR/JPY: This cross made further bearish attempts on Monday, almost reaching the demand zone at 126.50. There is a shallow upwards bounce in the market, but there is also a strong possibility that the demand zone at 126.50 would be reached, owing to the deep weakness in the euro.
The material has been provided by InstaForex Company - www.instaforex.com
