EUR/USD: This pair has moved upward so far this week – a movement of over 90 pips. This, however, should be seen as a short-selling opportunity in the near-term, since the overall bias is currently bearish. The support line at 1.1550 could be tested, even if there would be a rally following that.
USD/CHF: When the USD/CHF pair dropped like a stone last week, the EUR/USD pair ought to spike skywards, since they are negatively correlated in a normal condition. The latter was not affected, and both pairs cannot remain bearish for a long time (and the USD is strong in its own right). USD/CHF would, therefore, move upwards by at least, 500 pips this week.
GBP/USD: This currency trading instrument is also bearish in outlook and it has more potential to move further downwards, especially when compared to the USD. The accumulation territory at 1.5050 could thus be challenged this week.
USD/JPY: Persistent bullish effort in this market has made bearish outlook to be precarious. The bullish effort that started last Friday and it is still ongoing. A movement above the supply level at 118.50 would mean the end of the bearish outlook and the beginning a renewed bullish outlook.
EUR/JPY: The EUR/JPY cross is now experiencing a bullish correction, although the dominant bias is bearish. The demand zone at 134.50 is now a great challenge to bears, and there is a probability of things turning bullish in the event that the price goes upwards relentlessly.
