EUR/USD: After testing the support line at 1.2250, EUR/USD price bounced upwards, and the upwards bounce can continue a bit further upwards. For the upwards bounce to be strong enough to threaten the existing bearish bias, it must go above the resistance line at 1.2500; otherwise this may be another opportunity to sell short.
USD/CHF: After testing the resistance level at 0.9800, USD/CHF price retraced southwards, and the southward retracement can continue further downwards. For the bearish retracement to be strong enough to overturn the existing bullish bias, it must go below the support level at 0.9650; otherwise this may be another opportunity to go long.
GBP/USD: The Cable broke above the accumulation territories at 1.5600 and 1.5650. The accumulation territories have been great barriers to the bearish movement in the market. Therefore, their breach to the upside portends a possibility of a near-term bullish trend which may take price towards the distribution territory at 1.5800.
USD/JPY: This currency trading instrument came down by over 100 pips on Monday. Price ought to stay above the demand level at 119.50 – which could be another entry point for the astute bulls. The demand level should do a good job in checking further southward venture by price.
EUR/JPY: The expected large pullback in the market has already occurred, but it must be curbed at the demand zone of 147.50. Any movement below that demand zone could be the end of the bullish outlook, but as long as price is above the demand zone, the bullish outlook remains intact.
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