The USD/CHF paur made a weak attempt to continue its bullish journey. A movement above the resistance level of 0.9700 would enable bulls to push the price further northwards. A movement below the support level of 0.9550 would lay emphasis on a bearish outlook.
The cable traded lower on Monday, testing the accumulation territory at 1.5350 again. That accumulation territory was also tested last week without breaking it to the downside. Bears need to break it to the downside in order to continue the bearish trend; otherwise, there would be a considerable rally.
The last two weeks were characterized by this year's strongest movement in the USD/JPY pair . From the supply level of 124.50, the price dipped by 800 pips, going briefly below the demand level of 116.50. The price has gone upwards by 500 pips since then, and this week's northward movement of 100 pips would result in a bullish outlook.
The cross is still highly volatile, but without any directional movement this week so far. There would be a trend continuation soon that would probably favor bears; unless the yen is weakened.
This pair traded sideways on Tuesday that could be called a consolidation to the upside. The price is likely to try the resistance line at 1.1400, but further development on Wednesday or Thursday would determine what would eventually happen here. A failure to go above the resistance line at 1.1400 could threaten the current bullish bias.
The USD/CHF made a faint attempt to continue its bullish journey, which was being challenged now and then by bears. A movement above the resistance level of 0.9700 would reveal bulls' intention to push the price further northwards. Nonetheless, a movement below the support level of 0.9550 would lay emphasis on a bearish outlook
This pair is rather weak now. There is a Bearish Confirmation Pattern in the chart: the EMA 11 is below the EMA 56 while the RSI period 14 is below the level 50. It is expected that the GBPUSD would be attaining lower highs and lower lows in days to come. The accumulation territory at 1.5300 has been tested and it could be breached from the downside.
The USD/JPY pair has fallen by 200 pips this week, comming closer to the demand level at 119.00. With further bearish pressure in the market, other demand levels at 118.50 and 118.00 could be tested today or tomorrow. Any movement above the supply level of 120.00 would render this bearish outlook invalid.
As it was mentioned yesterday, the breakout that was seen on this cross favored bears. The yen is clearly stronger than the EUR enabling the demand zone at 135.00 to be tested vigorously. Another vulnerable demand zone is located around 134.50.
The EUR/USD pair has been moving sideways this week, but there could be a breakout today owing to some fundamental data which is due to be released. This data could have some impact on the market, sending either EUR/USD above the resistance line at 1.1350 or below the support line at 1.1150.
