EUR/USD: Bears have not
shown any signs of relenting this week, although there was no significant
movement on Monday. The Bearish Confirmation Pattern is intact in the market,
and the support line at 1.0800 could be violated. In case the support
line is successfully breached, the next target would be the support line at
USD/CHF: The USD/CHF pair still epresses willingness to go further north by moving upward by 40 pips on Monday. This is a slight continuation of the current dominant bullish bias, and the resistance level at 0.9650 is under siege now. In case the resistance level gets breached to the upside, the next target would be the resistance level at 0.9700.
GBP/USD: Irrespective of recent consolidation,
there is still a clean bullish bias on the cable. For the bullish bias to
continue being valid, the distribution territory at 1.5650 must be breached to
the upside: otherwise there could be a risk of a strong bearish correction this
USD/JPY: This currency trading instrument has been
trending strongly for the most part of this month. The price has closed above the
demand level at 124.00, going towards the supply level at 124.50. Should that
supply level be broken to the upside, the next target would be another supply
level of 125.00.
EUR/JPY: The fate of the EUR/JPY pair would continue to be
determined by whatever happens to the euro. The euro is currently weak – hence
the bearish outlook on the cross. The bearish outlook can only be reversed in
case the euro becomes significantly strong.
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