In the context of a downtrend, the GBP/USD bounced upwards on Monday, moving above the accumulation territory at 1.5100. This is seen as a faint bullish attempt in the context of a downtrend, and unless the price goes above the distribution territories at 1.5300 and 1.5350, the bullish attempt might be taken as short-selling opportunities.
EUR/USD: The EUR/USD simply moved sideways on Monday. There are resistance lines at 1.0850 and 1.0900, which should resist any serious bullish attempts as the price endeavors to go further south. There are also support lines at 1.0650 and 1.0600. These are the potential targets for the bears this week.
USD/CHF: In the face of the ongoing strength in the Greenback, the USD/CHF would continue its upwards journey this week, possibly reaching the resistance levels at 1.0100 and 1.0150. Therefore, the current shallow pullback should be viewed as opportunities to go long.
GBP/USD: In the context of a downtrend, the GBP/USD bounced upwards on Monday, moving above the accumulation territory at 1.5100. This is seen as a faint bullish attempt in the context of a downtrend, and unless the price goes above the distribution territories at 1.5300 and 1.5350, the bullish attempt might be taken as short-selling opportunities.
USD/JPY: After topping at 123.50, this currency trading instrument got corrected lower, though the outlook on the market is bright. In the face of the expected bullish movements on most JPY pairs this month (coupled with the strength in the USD), it is logical to conclude that this currency trading instrument would continue its upward journey, going above the supply level at 123.50 again.
EUR/JPY: The EUR/JPY remains in a bearish mode, though the journey southward is not significant. As long as the Euro is strong, the EUR/JPY would continue trending downwards. The only occurrence that can reverse this expectation is the occurrence that enables the Yen to be suddenly weaker than the Euro.
Source: Forex | Online Forex Trading | Currency Trading | Forex Broker