EUR/USD: This pair has rather traded sideways so far this week consolidating in the near term. One thing that causes the current bearish journey is the fact that the price is close to the psychological level at 1.1000, and it needs exceptional bearish stamina to breach it to the downside. The major bias is bearish and when momentum returns to the market, it would most probably favor bears.
USD/CHF: The USD/CHF pair has assumed its upward journey, which started last week. The price is now above the support level at 0.9850, going towards the resistance level of 0.9900. That resistance level is the second target for this week, and the target could be attained easily in the face of ongoing buying pressure in the market.
GBP/USD: The market remains weak though it is yet to experience a significant downward trend just like the EUR/USD pair. There is a Bearish Confirmation Pattern in the chart. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. Further movement to the south is therefore logically anticipated.
USD/JPY: The USD/JPY pair, which traded strongly northwards last week, has been corrected lower so far. The price has come down by 110 pips this week, but the bias is still bullish. The bullish bias would remain valid as long as the demand level at 119.50 is not breached to the downside.
EUR/JPY: This cross has continued its bearish journey in a determined manner. The price is now slightly below the supply zone of 113.00; and the bearish bias is supposed to continue, owing to the current weakness in the EUR and stamina in the JPY. For this bias to be reversed, the EUR would need to become stronger than the JPY, which might not be possible this week.
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