EUR/USD: The outlook on the EUR/USD pair remains bearish and it may continue like that. The only thing that can render the bearish outlook useless is a condition in which the price goes above the resistance line at 1.2600. As long as the price remains below that resistance line, the market would be seen as bearish.
USD/CHF: This currency trading instrument is still bullish (a bullish bias). There is a support level at 0.9550, which may serve as a barrier to the bears’ effort to drag the price downwards. Should that support line be broken to the downside, the bullish bias would be threatened. Therefore, the price needs to continue going upwards for the bullish bias to be valid.
GBP/USD: The Cable trended downwards on Monday in the context of the Bearish Confirmation Pattern in the market. It has turned out that the upwards bounce that happened last Friday gave a good opportunity to sell short at a better price. The price may soon test the accumulation territory at 1.5600. It may even breach it to the downside.
USD/JPY: This pair remains on the bullish market, plus the bearish retracement that happened on it last Friday gave a good opportunity to enter long when things are temporarily on sale and in the context of an uptrend. The supply level at 117.00 was tested recently and it could be tested again. It may even be breached to the upside.
EUR/JPY: This cross is also bullish in outlook, and the price is expected to continue trending upwards. The current pullback in the market does not mean the trend is over as the price does not move in a straight line. The price may test the supply zone at 146.50, which is the target for this week.
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