EUR/USD: This pair did not trend directionally
yesterday because there was no steam in the market. A breakout to the upside or
to the downside is anticipated today, which would most probably favor bulls. When this happens, we would see the price aiming for the resistance line
USD/CHF: The USD/CHF did not produce any significant movement on Monday, owing to the lack of momentum in the market. There would be a breakout to the upside or to the downside today that is likely to push the price above the resistance level at 0.9800 or below the support level at 0.9600. When a breakout does occur, it would probably favor bears. Nevertheless, a strong trend is needed for this to happen.
GBP/USD: This currency trading instrument did not move
so much on Monday. With further bullish attempts, the distribution territories
at 1.5500 and 1.5550 would be attained this week. After all, there is a Bullish
Confirmation Pattern in the market.
USD/JPY: This pair moved largely sideways on Monday. There
is supposed to be a breakout any day this week, which would make the price
go above the supply level at 122.00 or below the demand level at 120.00. By
then, there would be a directional movement in the market.
EUR/JPY: The EUR/JPY got
corrected downwards by at least 100 pips yesterday. However, there is still a
bullish outlook on the market, which cannot be violated as long as the price
stays above the demand zone at 134.50. This would require a strong bearish
trend to happen, which does not exist right now.
The material has been provided by InstaForex Company – www.instaforex.com