EUR/USD: Just like its GBP/USD counterpart, this pair also moved upwards on Monday, trying to reach the resistance line at 1.0900. In case the resistance line is breached to the upside, the next target for the bulls could be the resistance line at 1.1000. However, there is still a neutral bias on the market, and at least a 300-pip movement to the upside or the downside is needed to force the price out of the current neutral region.
USD/CHF: Because the EUR/USD moved upward yesterday, the USD/CHF moved lower on the same day (in an inverse correlation with each other). However, the bullish signal in the market is not yet over, unless the price breaks below the support levels at 1.0100 and 1.0050. Should this fail to happen, we might see a resumption of the bullish movement in the market.
GBP/USD: It is interesting to see that the GBP/USD moved upwards by 200 pips on Monday, rising from the accumulation territory at 1.4250, and almost reached the distribution territory at 1.4450. Although the recent bearish bias still exists, it is now threatened by the price action on Monday. A further bullish movement of 200 pips would result in a new bullish bias on the market. Otherwise, this could turn out to be a rally in the context of an uptrend.
USD/JPY: This pair, which moved significantly upwards last week, simple moved sideways yesterday. The indicators in the chart currently support the bullish trend in the market, which is supposed to continue this week and this month. The same outlook is also possible on other JPY pairs, owing to the seasonality of this phenomenon. JPY pairs are usually strong in February of every year.
EUR/JPY: This cross moved upward slightly yesterday, recovering the shallow pullback witnessed on January 29, 2016. The price should rally further today or tomorrow, enabling the price to test the supply zones at 132.50 and 130.00. The demand zones at 130.50 and 131.00 should do a good job in resisting any bearish corrections along the way.
