This currency trading instrument went upwards by 150 pips last week, going into the resistance level at 0.9750. This resistance level has become a big barrier that must be overcome for the bullish journey to continue, though slowly and steadily. There are some hindrances to the bullish expectation: a measure of stamina in the EUR/USD pair could cause the USD/CHF pair to get corrected lower plus any measure of stamina in the CHF could half further rally in USD/CHF.
The cable plunged by 260 pips last week, closing below the distribution territory of 1.5200. The accumulation territory around 1.5100 could be tested this week, unless bulls push the price upwards above the distribution territories of 1.5300. This means that we would see some bullish effort this week.
This currency trading instrument traded southwards last week, giving the way to a more vivid Bearish Confirmation Pattern in the market. There is a possibility that the demand levels at 118.00 and 117.50 could be tested this week; though serious weakness in the yen could cause USD to be strengthened against the yen.
The EUR/JPY pair cross dived by 350 pips, causing a directionally bearish bias on the market. There could be some attempts to test the demand zones at 132.00 and 131.50 - albeit there could also be a bullish breakout any day. This is the outlook for the week.
This pair traded sideways on Monday without any directional movement. The price would either breakout above the resistance lines at 1.1250 and 1.1300; or break below the support levels of 1.1100 and 1.1050. A break above the aforementioned resistance lines is more likely.
The price action seen on the USD/CHF chart so far points to its determination to continue the current bullish journey. Nonetheless, any meaningful sign of stamina in the EUR/USD pair would send USD/CHF southwards, plus any signs of strength in the CHF would also make the USD/CHF pair to go south.
The cable went100 pips upward on Monday (in the context of a downtrend). This upward movement could be seen as a rally in a downtrend, unless the distribution territories of 1.5350 and 1.5400 are overcome. There are also accumulation territories at 1.5200 and 1.5150.
The Bearish Confirmation Pattern is intact. There is a possibility that the demand levels at 118.00 and 117.50 could be tested this week; though a serious weakness in the yen could enable the USD to strengthen against the yen.
Following the recent bearish plunge in the market, the price has performed a slight upward bounce. This would either prove to be a transient rally attempt when things still look bearish, or it might portend a meaningful bullish effort, especially when the yen losses steam.
This pair simply traded sideways on Tuesday, without any directional movement. The price would either break above the resistance lines at 1.1250 and 1.1300; or break below the support lines at 1.1100 and 1.1050. A break above the aforementioned resistance lines is more likely.
