EUR/USD: The EUR/USD bounced upwards shallowly on Monday. There is a strong Bearish Confirmation Pattern on the 4-hour chart, which means further bearish movement is expected this week, and that could take price towards the support lines at 1.0950 and 1.0000. However, it is unlikely that the great support line at 1.0000 will be breached.
USD/CHF: On October 17, 2016 this market made further efforts to challenge the important psychological level at 0.9900. It should be noted that bulls have repeatedly failed to go above the resistance level. However, due to the extant buying pressure in the market, the resistance level might be breached to the upside, and price may not go significantly upwards following that.
GBP/USD: This currency trading instrument remains bearish both in the long-term and short-term outlook. There is a huge Bearish Confirmation Pattern in the market, and any bullish effort should be taken as sell-shorting opportunities. Price is currently consolidating, but a breakout is imminent this week or next.
USD/JPY: Although USD/JPY experienced a shallow bearish movement yesterday, there is a Bullish Confirmation Pattern on the chart. As long as price is above the demand level at 101.50, the bullish signal would be valid. Bulls may be able to target the supply levels 105.00 and 105.50 this week.
EUR/JPY: It is better to stay away from this market right now, because there is no directional movement (except one is trading on a very low timeframe, going for quick gains). A close look at the market shows the possibility of price going further south this week due to the weakness of EUR.
