The EUR/USD consolidated throughout last week, neither going above
the resistance line at 1.2300 (which was tested unsuccessfully), nor going
below the support line at 1.2150. This week, there is going to be a directional
movement, which would most probably favor bears, for the outlook on EUR pair is
bearish for this week.
EUR/USD: The EUR/USD consolidated
throughout last week, neither going above the resistance line at 1.2300 (which
was tested unsuccessfully), nor going below the support line at 1.2150. This
week, there is going to be a directional movement, which would most probably
favor bears, for the outlook on EUR pair is bearish for this week.
USD/CHF: This trading instrument went further
bearish last week, testing the demand level at 0.9550 and then bouncing upwards
on Friday. The demand level at 0.9550 would try to impede further bearish
movement, and price could go upwards to reach the resistance levels at 0.9650
and 0.9700.
GBP/USD: This
GBP/USD is in a bearish mode. The shallow rally that was in the middle of last
week, turned out to be a nice opportunity to go short. It is much more likely
that price would continue going southwards this week, because there could be
some weakness in USD. The demand levels at 110.50, 110.00 and 109.50 could be
reached.
USD/JPY: This pair is in a bearish mode (there
is a Bearish Confirmation Pattern in the 4-hour chart). Irrespective of the
upwards bounce that was seen in the middle of last week, price was able to go
lower on Friday. This week, the demand level at 110.50 could be breached to the
upside, and one of the reasons is because of the expected weakness in USD.
EUR/JPY: This
market was rough and choppy last week, but price kept trudging upwards. Since
there is a Bullish Confirmation Pattern in the 4-hour chart, the market may be
able to reach the supply zones at 136.50 and 137.00 this week (even exceeding
the supply zone at 137.00). The outlook on certain JPY pairs is bullish for
this week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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