The GBP/USD moved slightly downwards on Monday, proving that the rally we saw late last week was merely an upward bounce in the context of a downtrend. Further bearish movement is expected this week and next week (as it is also expected on other GBP pairs); therefore the accumulation territories at 1.4850 and 1.4800 would be tested.
EUR/USD: This pair was quiet on Monday, and there may not be a serious movement in the market this week, owing to “thin” trading activity, but we could see surprise movements on some EUR pairs (like EURNZD, EURAUD and EURCAD). On the EUR/USD, there is likelihood that the resistance lines at 1.0950 and 1.0000 would be reached within the next several trading days.
USD/CHF: This market merely moved sideways on Monday, with no significant journey to the upside or to the downside. There could be some movement in the market this week, but nothing extraordinary is expected. However, it is very much likely that momentum would return to the market in the first week of January 2016.
GBP/USD: The GBP/USD moved slightly downwards on Monday, proving that the rally we saw late last week was merely an upward bounce in the context of a downtrend. Further bearish movement is expected this week and next week (as it is also expected on other GBP pairs); therefore the accumulation territories at 1.4850 and 1.4800 would be tested.
USD/JPY: On the USD/JPY, the price has moved down by 110 pips, now below the supply level at 120.50, and going towards the demand level at 120.00. There is a very strong Bearish Confirmation Pattern in the chart; plus it is likely that the price would go further south when momentum returns to the market.
EUR/JPY: The upwards bounce we witnessed last week proved to be an opportunity to sell short. The price has come down after that, plus the demand zone at 131.50 is the next target – which might be breached to the downside soon.
Source: Forex | Online Forex Trading | Currency Trading | Forex Broker
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