EUR/USD: The EUR/USD pair was able to move downwards last week, closing just below the resistance line at 1.0800 on Friday. There is now a Bearish Confirmation Pattern on this pair, which means the price could begin to trend further downwards. There is a potential bearish target at the support line of 1.0750, while the resistance line at 1.0950 is a formidable barrier to bulls.
USD/CHF: There was an upwards movement of 150 pips on the USD/CHF last week – something that has caused a clean bullish signal in the market. Since the important market level of 1.0100 is being breached to the upwards successfully, it might be logical to assume that the price would continue moving northwards. This week, bullish potential targets are at the resistance levels of 1.0200 and 1.0250.
GBP/USD: From Monday to Wednesday, GBP/USD moved downwards by 170 pips, testing the accumulation territory of 1.4100 last week. From that territory, the price started making some bullish effort, which might not render the current bearish bias invalid unless the price moves above the distribution territory of 1.4500. This would require serious attempts from bulls because the strong USD would make it difficult for this pair to rally this week.
USD/JPY: The USD/JPY pair tested the demand level at 116.00, and then bounced upwards by 280 pips. This poses a direct threat to the extant bearish outlook, which would eventually be rendered invalid in case the price continues going further upwards this week. The outlook for the USD is bright and therefore the USD/JPY pair might continue moving upwards.
EUR/JPY: The outlook remains bearish and unchanged for this market, though there are mixed signals seen. It is better to stay away from this market until there is a directional signal. There may be a breakout, which would be influenced by the events affecting the euro. There would be a breakout above the supply level of 129.00 or below the demand level of 126.50 this week.
