EUR/USD: This pair traded upwards on Monday, creating a
‘buy' signal in the market. The price is currently above the support line at 1.1000,
and it could reach the resistance line at 1.1100. The bullish outlook would be
logical as long as the USD is weak.
USD/CHF: It is intriguing to see that both USD/CHF and EUR/USD are trying to go upwards at the same time. According to their nature, the two pairs ought to go in opposite directions. Therefore, the USD/CHF pair could move south today, in case the EUR/USD pair continues to go further north.
GBP/USD: The GBP/USD pair went upwards by over 100 pips on
Monday, testing the distribution territory at 1.5600. In case the distribution
territory is overcome, the next target would be the distribution territory at
1.5700. On the other hand, there are accumulation territories at 1.5550 and
USD/JPY: It is still sensible to consider this currency
trading instrument is on the bull market, though there was no much movement on Monday.
The price action in the market reveals that bulls are going on pushing the
price further north.
EUR/JPY: Just like EUR/USD, EUR/JPY cross also
moved upward on Monday. This movement of 120 pips was strong enough to lead to
a strong Bullish Confirmation Pattern in the market. The price may attain the
supply zone at 137.50 (and later, another supply zone at 138.00). There cannot
be a threat to the bullish bias as long as the price stays above the demand
zone at 136.00.
The material has been provided by InstaForex Company – www.instaforex.com