EUR/USD: This pair has been making serious effort to go upwards – with a measure of success. The market went upwards by over 200 pips last week, closing above the support line at 1.2450. There is a Bullish Confirmation Pattern in the market. Price is expected to go towards the resistance line at 1.2500.
USD/CHF: This pair has been trending downwards – with a measure of success. The market went downwards by over 170 pips last week, closing below the resistance level at 0.9650. There is a Bearish Confirmation Pattern in the market. Price is expected to go towards the support level at 0.9600.
GBP/USD: The Cable made some effort to go bullish last week. Price went upwards in a slow and steady manner and then moved sideways, closing at 1.5715 on Friday, December 12, 2014. Price may go further upwards towards the distribution territory at 1.5800, provided that the Greenback continues its current weakness.
USD/JPY: USD/JPY closed below the supply level at 119.00 on Friday. Price nosedived by over 400 pips last week, thereby overturning the recent bullish bias. Things have gone bearish and with continuous weakness in Greenback, price could test the demand level at 118.00.
EUR/JPY: The situation on this cross is dicey. Some indicators are bullish and some are bearish in the same timeframe. Therefore, one may stay aside until there is a clean directional movement. One thing could be noted: This cross is likely to go upwards with a high probability this week .
