EUR/USD: This currency trading instrument has gone only flat so far, and nothing has yet changed, while other major pairs are now in a trending mode. The price would either go above the resistance line at 1.1200 or go below the support line at 1.1000. A breakout to the upside is more likely because the outlook on the market is bullish for this week.
USD/CHF: The USD/CHF moved downwards by 110 pips yesterday; which is a threat to the ongoing bullish bias. The bias would be rendered completely invalid once the price goes below the support level at 0.9700, which would require a considerable amount of selling pressure. Some fundamental figures are expected today, and they could have some impact on the market.
GBP/USD: This pair topped at 1.3475 this week and then eased a bit. However, given the current bullish outlook on the market (though the bias on the weekly chart remains bearish), it is more probable that the price would continue going upwards. The high of this week – 1.3475 – would be tested again. It might even be breached to the upside.
USD/JPY: Just like other JPY pairs, this market has gone upwards significantly this week, without much bearish retracement. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. It is no longer sensible to short this market, for the price could reach the supply levels at 106.00, 106.50 and 107.00 within the next several trading days.
EUR/JPY: The EUR/JPY cross has gone upwards by 700 pips this week, reaching the supply zone at 118.00. Although there is a shallow bearish correction here, bulls are still interested in pushing the price further north. There is a Bullish Confirmation Pattern on the 4-hour chart, and the supply zone at 119.00 is a target for bulls today or early next week.
