EUR/USD: This currency trading instrument went flat throughout last week, without going above the resistance line at 1.1200, nor going below the support line at 1.1000. A breakout is imminent this week, which would most probably be in favor of bulls. This means that the resistance line at 1.1200 could be broken to the upside this week.
USD/CHF: This pair is still making effort to trend upwards, though it came under a serious challenge on Wednesday and Thursday. Bulls need to prevent the price from moving below the support level at 0.9700 – an event that could cause a "sell" signal to form in the market. There are other two challenges to this pair this week: USD could become weak and CHF could amass some stamina. All these threats could result in a "sell" signal this week.
GBP/USD: This pair moved upwards by 550 pips last week, just like other GBP pairs (GBP/NZD moved upwards by 1100 pips, while GBP/JPY moved upwards by 1300 pips, all in last week). Further bullish movement is expected this week, which could result in a bullish signal in case the price goes upwards by another 500 pips. However, it would take a long time before the bias on daily and weekly charts become bullish.
USD/JPY: Contrary to expectations at the beginning of last week, USD/JPY, just like other JPY pairs, moved upwards significantly. USD/JPY moved upwards by 560 pips last week, getting corrected lower on Friday. This week, the price would either move above the supply level at 106.00 or go below the demand level at 103.00.
EUR/JPY: The EUR/JPY cross went upwards by 700 pips last week, reaching the supply zone at 118.00. The price got corrected by 220 pips on Friday, although that has not violated the Bullish Confirmation Pattern on the 4-hour chart. The price could go upwards from here, but that does not rule out the possibility of bearish threats.
