EUR/USD: This pair traded sideways on Monday, in the context of an uptrend. The pair is very likely to (plus certain other EUR pairs) rally this week, and therefore, further northwards journey is anticipated. The first bullish target is seen at the resistance level of 1.1450.
USD/CHF: There is still a Bearish Confirmation Pattern on the USD/CHF chart. Therefore any rallies that are seen here could be interpreted as short-selling opportunities. The support level of 0.9600 was tested yesterday, but was not breached to the downside. The support level could be breached this week as the price targets another support level at 0.9550.
GBP/USD: The cable is trying to make further bullish efforts. The price is now moving above the accumulation territory at 1.5350, going towards the distribution territory of 1.5400. Distribution territories of 1.5500 and 1.5550 act as ultimate targets this week, since the outlook for GBP pairs is bullish.
USD/JPY: This market remains in an equilibrium phase, trapping below the supply level of 121.00. It failed to move below the demand level of 119.00. There must be a journey above the supply level or below the demand level before it can be said that the equilibrium phase is over (which is something that will happen this week or next week).
EUR/JPY: The EUR/JPY pair was corrected lower on Monday, though the bullish outlook is valid. The validity of the bullish outlook will hold as long as the demand zone at 135.00 is not broken to the downside. The demand zone, including the one at 135.50, could act as barriers to bearish attempts.
