EUR/USD: This pair traded sideways on Monday without any directional movement. The price would either breakout above the
resistance lines at 1.1250 and 1.1300; or break below the support levels of 1.1100 and 1.1050. A break above the aforementioned resistance lines is more
price action seen on the USD/CHF chart so far points to its determination to
continue the current bullish journey. Nonetheless, any meaningful sign of
stamina in the EUR/USD pair would send USD/CHF southwards, plus any signs of strength
in the CHF would also make the USD/CHF pair to go south.
GBP/USD: The cable went100 pips upward on Monday (in the context of a downtrend). This upward movement could be seen as a rally in a downtrend, unless the distribution territories of 1.5350 and 1.5400 are overcome. There are also accumulation territories at 1.5200 and 1.5150.
USD/JPY: The Bearish Confirmation Pattern is intact. There is a possibility that the demand
levels at 118.00 and 117.50 could be tested this week; though a serious
weakness in the yen could enable the USD to strengthen against the yen.
EUR/JPY: Following the recent bearish plunge in the
market, the price has performed a slight upward bounce. This would either
prove to be a transient rally attempt when things still look bearish, or it
might portend a meaningful bullish effort, especially when the yen losses steam.
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