EUR/USD: The bias is neutral because every bullish effort to effect a protracted rally has been invariably frustrated by the bear's obstinacy. Unless one is a scalper, it would be OK to stay away from this market until there is a directional movement, which would most probably favor bears.
USD/CHF: This currency trading instrument had been consolidating for the first few days of the previous week and then rallied further reinforcing the existing bullish bias in the market. The price was able to go above the support levels of 1.0150 and 1.0200.The resistance level of 1.0250 has already been tested, and the market is expected to go above i, reaching the resistance level of 1.0300. There is a Bullish Confirmation Pattern in the market.
GBP/USD: We always say that rallies should be avoided on this pair and they should be taken as opportunities to go short. That was exactly what happened last week. The bullish effort we saw from Monday to Thursday was frustrated by a 200-pip bearish correction that happened on Friday. In fact, the bearish journey is supposed to continue this week and this month, an the outlook for GBP pairs is bearish.
USD/JPY: Last week, the USD/JPY pair was moving sideways from Monday to Thursday in the context of an uptrend. On Friday, January 29, 2016, the price broke significantly upwards testing the supply level of 121.50 (a movement of 300 pips). The outlook for USD/JPY, an other JPY pairs as well, is bullish for this week and for this month. Thus, we expect the USD/JPY pair to continue moving upwards this week.
EUR/JPY: Just like the USD/JPY pair and other JPY pairs, this cross moved seriously upwards last week. Before January 29, 2016, this cross had been already engaged in a slow and steady upward movement. The price went upwards by 400 pips last week, before experiencing a shallow pullback on Friday. A further rally is possible as the market proffers long opportunities with pullbacks along the way.
