EUR/USD: There are large upswings and downswings in
this market as bears and bulls fight for supremacy. This market has a
resistance line at 1.1100 and a support line at 1.0900. Either the resistance
line or the support line would be breached this week.
USD/CHF: There is a Bullish
Confirmation Pattern on the USD/CHF chart, but price actions show that bulls
and bears are currently fighting. Should bulls
dominate this week, the USD/CHF pair will move above the resistance level at 0.9700.
In case bears win, the pair will move below the support level at 0.9550. A
movement below the support level at 0.9500 could mean the end of the current
bullish outlook.
GBP/USD: The cable is strong, but themarket is highly volatil. This week, the price will either break above the
distribution territory of 1.5650 or break below the accumulation territory of 1.5550. A breakout to the downside is mostly likely.
USD/JPY: This market has beem moving sideways so far between
the supply level of 124.50 and demand level of 123.00. This shows that the
market is currently consolidating, and therefore a
breakout to the upside or to the downside could take place soon. In order to put an end to the
current consolidation, there must be a breakout above the supply level of 124.50 or a breakout below the demand level of 123.00.
EUR/JPY: The EUR/JPY pair was characterized by high volatility last week, swinging higher and lower in the context of an uptrend. The supply zones at 137.50 and 138.00 could be tested this week, though there are also demand zones at 135.50 and 135.00. A movement below the demand zones could result in a bearish bias.
The material has been provided by InstaForex Company – www.instaforex.com
