EUR/USD: In spite of the current pullback in the market, the bullish outlook is still intact. The only thing that can render the bullish outlook useless is occasion in which the price goes below the support lines at 1.0850 and 1.0800.
USD/CHF: Despite the current near-term rally on this pair, the bearish outlook is still intact. The only thing that can render the bearish outlook ineffectual is an occasion in which the price goes above the resistance levels at 0.9700 and 0.9750.
GBP/USD: The cable is making some bullish effort, which is being frustrated by bears now and then. The price is currently below the distribution territory at 1.4900. Though the price may reach the accumulation territory at 1.4800, it is expected to go up in order to corroborate the bullish effort, which may lead to a confirmed bullish outlook.
USD/JPY: The present weakness in the yen has caused this currency trading instrument to go up on Monday. The price level at 119.50 is seriously being challenged, and a close above the supply level at 120.00 would pose a threat to the existing southward bias. As long as the price does not cross the supply level at 120.00 to the upside, there is no threat to the southward bias.
EUR/JPY: This cross looks strong right now, and the price may continue going upwards slowly and gradually, especially as long as EUR is strong. Any weakness in EUR would cause the cross to plummet, because the outlook for some JPY pairs is bearish this month.
The material has been provided by InstaForex Company - www.instaforex.com
