EUR/USD: The EUR/USD pair remained volatile being alternated with a short-term bullish and bearish swings. In spite of high volatility, the price has entered a consolidation phase, which would hold until a significant movement to the upside or to the downside takes place. This is what we call a breakout.
USD/CHF: The USD/CHF pair was also volatile on Monday, making some bullish attempt all the way. Although the price threatened some consolidation, the bias is still bullish; and unless there is a strong bullish breakout, there would not be a serious plunge here. It should be mentioned again that the outlook for the USD is upbeat.
GBP/USD: In the context of a downtrend, the cable moved a bit downwards on Monday. The Bearish Confirmation Pattern remains valid in the market, and it cannot be rendered ineffectual until the distribution territory at 1.5300 is overcome. Further bearish journey is expected today.
USD/JPY: Owing to the ongoing struggle between bulls and bears, this currency trading instrument has become quite choppy because there is not a strong directional movement yet. This week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be met before the consolidation phase is over in the market.
EUR/JPY: A bullish attempt that was seen on Monday was thwarted by a bearish correction that occurred later. Today would determine whether the direction would be bullish or bearish in the market. If the price fails to perform a directional movement, the market would enter an equilibrium phase.
