EUR/USD: This pair has been
able to maintain its bullishness so far; though price moved in a zigzag manner.
The pair closed above the support line of 1.1450 on July 14, now targeting the
resistance line at 1.1500 (the initial target for the week). As soon as price exceeds
the resistance line, it would go upwards to target additional resistance lines.
USD/CHF: This market is
neutral in the short term and bearish in the long term. The neutrality in the
market would continue as long as price does not go above the resistance level
at 0.9750; and as long as it does not go below the support level at 0.9550. A
movement above the aforementioned resistance level would result in a bullish
bias, while a movement below the support level at 0.9550 would strengthen the
current bearish bias.
GBP/USD: The GBP/USD pair moved
sideways early last week, and it shot seriously skywards in the last few days
of the week. The distribution territory at 1.3100 has been tested and it would
soon be breached to the upside, for price can move further upwards by 200 pips
this week. The outlook on certain other GBP pairs is also bullish.
USD/JPY: The movement on this
currency trading instrument was bearish last week, and that has become a threat
to the recent bullish bias. Only an upwards movement from here would save the
bullish bias. A movement below the demand level at 111.50 would invalidate the
recent bullish bias, creating a clear “sell” signal. That is the expectation
for this week.
EUR/JPY: The EUR/JPY pair moved
downwards last week, in the context of an uptrend. Price first went upwards to
test the supply zone at 130.50, before it got corrected by 180 pips. The demand
zone at 128.50 has tried to halt further correction, but price may break below
it as it goes further southwards, thus invalidating the uptrend. We should bear in mind that the outlook on JPY pairs is bearish for July.
The material has been provided by InstaForex Company – www.instaforex.com