EUR/USD: Last week, this pair went downwards first, reaching the support line at 1.0750. The price was not able to close below the support level, and therefore it rallied massively by more than 250 pips. The price could go upwards this week, reaching the resistance line at 1.1000. The price closed above the support line at 1.0950: the price might test the aforementioned resistance line again. It may even breach it to the upside.
USD/CHF: The USD/CHF pair went upwards last week just in opposite to what the EUR/USD pair was doing. The market made some bullish attempt reaching the resistance level at 0.9750. Further bullish journey was rejected of that resistance level and the price plunged by 250 pips, testing the support level at 0.9500. This week, the bearish movement may make the price go below that support level.
GBP/USD: The cable has been consolidating for about 2 weeks. The bullish breakout that occurred on Friday, April 3, 2015, did a very little to change the dominant bias (which is neutral). In recent times, the price gallivanted between the distribution territory at 1.4850 and the accumulation territory at 1.4750. A break above the accumulation territory at 1.4900 looks promising, providing that the price also goes above the distribution territory at 1.5000. At the time, the bias would have turned bullish. Any movement downwards, by 100 to 200 pips would merely reinforce the existing neutral outlook.
USD/JPY: The currency trading instrument closed at 118.97 on a bearish note. There is a Bearish Confirmation Pattern in the market now and the price is expected to break the stubborn demand level at 118.50 below going further south.
EUR/JPY: This cross looks strong right now and the price may continue going upwards slowly and gradually, especially as long as EUR is strong. Any weakness in EUR would cause the cross to plummet because the outlook for some JPY pairs this month is bearish.
The material has been provided by InstaForex Company - www.instaforex.com
