EUR/USD: The outlook for the pair was bullish, though it was corrected lower by the end of the last trading week. The bearish correction could end up being a wonderful opportunity to go long this week (unless the demand level at 1.1250 is broken to the downside). The resistance lines at 1.1450 and 1.1500 could be reached this week.
USD/CHF: There is a Bearish Confirmation Pattern on the USD/CHF; plus the pair would remain under selling pressure as long as the EUR/USD pair is in a bullish mode. So, it is logical to conclude that the movement in the USD/CHF pair would be largely determined by whatever happens to EUR/USD.
GBP/USD: The cable moved upwards last week, testing the distribution territory of 1.5500 several times. The price was unable to break above the distribution territory - something that needs to be achieved this week - so that the uptrend could continue. The uptrend would be rational as long as the accumulation territory of 1.5200 is not broken to the downside. This means that any noticed pullbacks in the market could be taken as opportunities to go long.
USD/JPY: This currency trading instrument has moved back into the neutral territory, owing to an upward bounce, which we saw last week after a bearish plunge. The price fell by 200 pips and rose by 150 pips later. It should either go above the supply level at 121.00 or go below the demand level at 118.00.
EUR/JPY: This cross, which was trading sideways from Monday till Wednesday last week, broke towards the south on Thursday. The southwards break was impulsive, but it was not strong enough to jeopardize the existing bullish outlook. A movement below the demand zone of 134.50 would result in a bearish outlook (though it is expected that the demand zone would defend the extant bullish outlook). Any movement above the supply zone of 136.00 would reinforce the existing bullish outlook, which might mean that Thursday's pullback was a nice opportunity to go long.
