EUR/USD: This pair is still bearish in outlook, and is not yet able to go upwards significantly, following a strong bearish run that happened at the end of last week. As long as this pair is weak, the USD/CHF (which normally gets negatively correlated to the EUR/USD) would not be able to go downwards. The price is currently between the support line at 1.1150 and the resistance line at 1.1200. The support line is likely to be breached to the downside but the price may be unable to close below it, because the outlook on the EUR is upbeat.
USD/CHF: Concerning the EUR/USD, as it is said above, the market will continue to meander its way upwards as long as the EUR/USD is weak. The market moved upward on Monday, staying above the support level at 0.9550, and moving very close to the resistance level at 0.9600. Unless there is a sudden weakness in the USD, the resistance level at 0.9600 stands a good chance of being breached to the upside.
GBP/USD: Despite the bulls' recent efforts, the Cable could go a little bit lower this week. The price has started moving downwards gradually, and further downwards movement is going to lead to a Bearish Confirmation Pattern.
USD/JPY: The USD/JPY, whose dominant bias is bullish, has already started another leg of its bullish journey. The price is currently trading above the demand level at 120.00 (which was our first target for this week), going towards the supply level at 120.50. That is the second target for this week.
EUR/JPY: There is now a faint bullish effort on this cross and the supply zones at 135.00 and 135.50 can be attained this week. The outlook on this cross is bullish for the week.
Uitgevoerd door, Analytische expert
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