EUR/USD: This pair traded sideways on Monday, but there
could be a noteworthy movement today. The movement could be in favor of bulls or bears. Either the price would go above the resistance line at
1.1300 or it would go below the support line at 1.1150. One of those two
possibilities would materialize today or tomorrow.
USD/CHF paur made a weak attempt to continue its bullish journey. A movement above
the resistance level of 0.9700 would enable bulls to push
the price further northwards. A movement below the support level of 0.9550
would lay emphasis on a bearish outlook.
GBP/USD: The cable traded lower on Monday, testing the accumulation territory at 1.5350 again. That accumulation territory was also tested last week without breaking it to the downside. Bears need to break it to the downside in order to continue the bearish trend; otherwise, there would be a considerable rally.
USD/JPY: The last two weeks were characterized by this year’s strongest movement in the USD/JPY pair . From the supply level of 124.50, the price dipped by 800 pips, going briefly below the demand level of 116.50. The
price has gone upwards by 500 pips since then, and this week’s northward movement
of 100 pips would result in a bullish outlook.
EUR/JPY: The cross is still highly volatile,
but without any directional movement this week so far. There would be a
trend continuation soon that would probably favor bears; unless the yen is weakened.
The material has been provided by InstaForex Company – www.instaforex.com