EUR/USD: This pair is very weak right now, owing to a deep weakness in EUR and a great strength of USD. In fact, EUR is one of the weakest currencies among the majors and so are most EUR pairs. A rally of 400 pips is significant enough to result in a clean Bearish Confirmation Pattern and further plunge is expected this week.
USD/CHF: This pair rose throughout last week, enabling a clean bullish bias on the market. There are support levels at 0.9700 and 0.9650, which should do a good job in arresting any bearish plunges along the way. There are also resistance levels at 0.9900 and 0.9950, which should serve as next targets for bulls.
GBP/USD: Just like its EUR/USD counterpart, the cable journeyed downwards last week. The downward journey has enabled the end of the recent tight consolidation phase in the market, allowing bears to reign. Thus, the price could reach the accumulation territories at 1.4600 and 1.4550 this week; although a possibility of another rally cannot be ruled out.
USD/JPY: As for this currency trading instrument, bulls have fought to keep the price upbeat. However, the bullish outlook is unstable. It is safe to assume that the bullish outlook will be valid as long as the price is above the demand level of 119.00.
EUR/JPY: The EUR/JPY plunged by roughly 350 pips last week as forecasted. The price reached a high of 131.29 and a low of 127.20. The outlook for this week is also bearish as long as the EUR is weak. The next targets for bears are located at the demand levels of 127.00 and 126.50.
The material has been provided by InstaForex Company - www.instaforex.com
